China’s two largest mobile payment services Alipay and Tenpay have recently been fined by People’s Bank of China, the country’s central bank. The two payment services were each given a fine of RMB 30,000 by the central bank’s branches in Shanghai and Shenzhen.

Although the central bank did not give a specific reason for the fines in its announcement (only used a vague wording that they violated payment industry regulations), the two payment services revealed that it is because of their failure to fully implement of user identity verification in account registration.

A regulation issued by the central bank last May mandates that any non-banking online payment institutions set up a real-name registration system.

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Sheila Yu

Sheila Yu is a Shanghai-based technology writer. She brings readers the biggest news from Chinese language tech media. Reach her at sheila@technode.com.