latest news! Alipay and WeChat Pay announced major developments!
On December 17, 2021, my country issued the "Regulations on the Supervision and Administration of Non-Bank Payment Institutions" (hereinafter referred to as the "Regulations"), which will be officially implemented on May 1, 2024. The "Regulations" are divided into 6 chapters with a total of 60 articles. They aim to in-depth supervise and manage non-bank payment institutions and their business activities through regulatory control, promote the standardized and healthy development of the non-bank payment industry, effectively protect the legitimate rights and interests of users, and better It serves the real economy and meets the diversified payment and settlement needs of users.
According to data, as of the end of September, there were 185 non-bank payment institutions (hereinafter referred to as payment institutions) across the country. The annual transaction volume of these payment institutions exceeds 1 trillion, with a total amount of nearly 400 trillion yuan, accounting for approximately 80% and 10% of the country's total electronic payment business respectively. The daily reserve balance exceeds 2 trillion yuan, and it provides services to more than 1 billion individuals and tens of millions of merchants.
After the promulgation of the "Regulations", major institutions in the payment market generally believe that the "Regulations", as one of the highest-level institutional arrangements in the payment field, have laid the foundation for healthy competition and standardized healthy development for the future development of payment institutions. Payment institutions such as Alipay and WeChat Pay stated that they will take immediate action to improve relevant business rules, actively implement the Regulations, strengthen the protection of financial consumers’ rights and interests, better meet users’ payment and settlement needs, and continuously improve their impact on the real economy. service quality and efficiency.
Alipay:
The promulgation of the Regulations has laid the foundation for the standardized and healthy development of payment institutions.
Consumer protection is a key area of concern in the Regulations. Feng Qiao, deputy general manager of Alipay, said that Alipay will strengthen the protection of financial consumer rights and interests, and integrate financial consumer protection into corporate governance, corporate culture and business strategies, and strive to improve the level of financial consumer protection.
First, optimize product design and integrate consumers’ rights to know, choose and feel safe into product design. Secondly, in terms of financial education and publicity, we should strengthen innovative consumer education work, make full use of online advantages, and create a brand with inclusive education features. In addition, in order to comprehensively control consumer protection risks, Alipay independently developed the "Consumer Protection Shield" intelligent consumer protection inspection capability. Through automated risk inspections, early warnings and assessments on product activity pages, it effectively fulfills its responsibility to protect financial consumers. Safeguard the legitimate rights and interests of consumers.
Feng Qiao believes that the implementation of the Regulations has laid a solid foundation for healthy competition and standardized healthy development for the future development of payment institutions. Through the strengthening of this management regulation, the full-chain and full-cycle supervision of payment institutions has been further strengthened, which is conducive to preventing risks in the payment industry. At the same time, under the guidance of regulations, the payment industry will usher in a more standardized and orderly development, which will also contribute to the long-term development of the real industry.
WeChat Pay is a payment method launched by Tencent, also known as Tenpay.
The Regulations establish guiding principles and approaches for promoting the high-quality development of payment services.
Zheng Haojian, general manager of Tencent Tenpay, pointed out that the release of the Regulations is of great significance in two aspects. First, it elevates the supervision of payment institutions to a higher legal level, upgrading it from the original departmental regulations to administrative regulations.
This marks that the payment industry has a fundamental regulation that will help strengthen industry supervision, improve regulatory efficiency, and establish the authority of regulatory agencies.
Secondly, this regulation complies with the changing trends in the development of the payment service market, lays a solid foundation for standardizing the compliance operations of payment institutions, and points the way for the high-quality development of payment services.
Zheng Haojian said that Tenpay will further deeply understand the important views and decision-making arrangements of the Party Central Committee on financial work, and firmly grasp the political and people's orientation of financial work.
Under the guidance of the financial management department, Tenpay will adhere to the principles of small amounts and convenience, focus on its own business, improve service levels, better meet users' payment and settlement needs, and continuously improve the quality and effect of services to the real economy. , adding more value and vitality to the high-quality development of the economy and society.