Alipay, WeChat Pay Speed Up User Authentication Amid Tightening Regulations

China has been hastening their real-name registration process for online payments in recent months, and the internet giants behind the country’s biggest payment services are scrambling to get their customers registered before the lock out.

China’s central bank released a regulation last December that divides customers into three types according to their online transaction amounts. Corresponding user authentication requirements are provided for different client types.

The new regulation is going to take effect in July 1 this year, which means that the online payment platforms only have less than four months to upgrade their systems.

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