Alipay, Tenpay fined by central bank for improper implementation of user verification

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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