Dec 18, 2023 08:27 PM
FINANCE
China Sets Final Rules for Alipay, WeChat Pay and Their Peers
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Existing rules became outdated with the emergence of new payment methods such as QR code and facial recognition payment. Photo: VCG
China has approved new regulations on nonbank payment institutions, seeking to curb risks in the booming sector by tightening supervision over digital payment service providers including Alipay and WeChat Pay.
The regulations on the supervision and administration of nonbank payment institutions (非银行支付机构监督管理条例), which were approved by the State Council in November, will come into effect on May 1, a Sunday government announcement shows. A draft version of these regulations was released in January 2021 for public comment.
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