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New PBOC Rule Does Not Ban Monthly Pay or Yu'ebao Payments, Only Requires Separate Display
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A rumor circulating on social media claimed that Alipay's monthly payment options (Huabei) and Yu'e Bao (a money market fund) would be removed as payment methods starting September 30. However, this is a misinterpretation of new Chinese regulations. The Administrative Measures for Online Marketing of Financial Products, issued by the People's Bank of China and seven other departments, require non-bank payment institutions to display financial products like loans and asset management products separately from payment tools such as bank cards. Alipay's official customer service confirmed that Huabei and Yu'e Bao remain available for normal payments. The checkout interface has been updated to show categories like bank cards, payment tools, credit, wealth management, and installment payments separately, allowing users to choose different funding channels without affecting normal transactions. The new rules only standardize display rules, not prohibit usage.
Source report
Jin10 Data, September 17 — A recent trending topic on social media, "Platform monthly payments to be removed from payment options," has sparked rumors that "Lingqiantong and Yu'e Bao will no longer be directly usable for payments." However, interviews confirm that such claims are based on a misinterpretation.
Consumer credit products and money market funds, classified as asset management products, are required to be displayed separately from payment tools such as bank cards. Consumers will still be able to use them normally.
Regulatory Background
Starting September 30 this year, the Administrative Measures for Online Marketing of Financial Products — jointly issued in April by the People's Bank of China and seven other departments — will take effect. The measures stipulate that:
- Non-bank payment institutions shall not include financial products such as loans and asset management products among payment tool options.
- They shall also not provide marketing services for such financial products.
Addressing Misinterpretation
Some individuals have misread the requirement for "separate display" as a "prohibition of use." In response, Alipay's official customer service clarified that:
- Huabei and Yu'e Bao remain available for normal payments within Alipay.
- The checkout interface in the Alipay app has already been updated in compliance with the new regulations.
- Categories such as bank cards, payment tools, credit, wealth management, and installment payments are now displayed separately.
- Users can choose different funding channels for payment based on their individual circumstances, without affecting normal transactions.
(Source: Xinhua News Agency)
Source
金十数据Eastern
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Chinese platforms deny removing monthly payment options after social media rumor