(ECNS) -- China's third-party payment Alipay and popular messaging platform WeChat are urging users to verify their accounts with authentic personal information as new regulations on online payment services become effective on July 1.
The new regulation issued by the People's Bank of China says that third-party payment providers should implement a real name system for all payment service accounts, and institutions must not accept anonymous users or those who use pseudonyms.
With a real name registration system, users can choose whatever username they like, but that username must be tied to their ID number. Experts say the move aims to enhance financial safety and prevent fraud.
A number of users have found that they already can't process money transfers with Alipay, the online payment platform affiliated with Alibaba, or WeChat, Tencent's popular app that includes a mobile banking service.
Users who fail to keep an ID number on file after July 1 will not be able to receive or make payments on Alipay. WeChat is also reminding users to finish the real-name registration process.
Overseas users of Alipay may encounter a longer process of verification, including a tie-up between a mainland bank account and a reiterated phone number.
