Alipay Overseas Push Faces Setback as China Tightens Rules
- Mainland China bank card to be mandatory for Alipay accounts
- PBOC to roll out real name registration requirements on Alipay
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Alipay, China’s biggest third-party payments system, faces a setback in its push to expand overseas as the nation’s central bank tightens rules on the money kept in accounts.
Customers who don’t have a mainland China bank card won’t be able to keep money in accounts from July 1, according to a statement from parent Zhejiang Ant Small & Micro Financial Services Group on Wednesday. Alipay, which has 450 million users, didn’t specify how many customers would be affected and has told clients to clear their balances to avoid the risk of funds being frozen.