Alibaba's mobile payment service Alipay has been fined 180,000 yuan (28,600 U.S. dollars) by the People's Bank of China (PBOC).
The fine was issued for improper behavior in seven aspects, such as releasing misleading advertisements and collecting users' financial information in additional to requirements, according to the statement issued by the PBOC sub-branch in Hangzhou, where Alibaba is based.
It is not the first time that Alipay has been punished. Last May, it was fined 30,000 yuan by the PBOC for "violating payment industry regulations."
While mobile payments are gaining popularity in China, there have been increased concerns about the security of users' private information.
In June 2017, China enacted a cybersecurity law, which allowed companies and individuals responsible for data leakage to be punished.
Wu Shenkuo, an associate law professor at Beijing Normal University, said the fine given to Alipay signals the country's strengthened efforts to improve information security.
