Chinese social media brimmed with conversation following rumors that mobile payment platforms including Alibaba-backed payment platform Alipay would be required to report payments of RMB 50,000 (around $7,000) and above to the People’s Bank of China (PBoC), underscoring concern over regulation in the payments sector.

Alipay denied the rumors of tightened control of money transfers on Chinese microblogging platform Weibo, saying the requirement applies to transactions of more than RMB 500,000.

Rumors about the controls appeared on the Chinese internet and social media on Wednesday. Chinese media reported that for safety reasons all online payment services would be required to follow new rules for transactions, which would encompass PBoC monitoring from Jan. 1, 2019.

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Jill Shen

Jill Shen is Shanghai-based technology reporter. She covers Chinese mobility, autonomous vehicles, and electric cars. Connect with her via e-mail: jill.shen@technode.com or Twitter: @yushan_shen