Alipay Introduces Tiered Account System Based on Identity Verification Status
Ebrun.com, 6/29/16
Chinese third-party payment processor Alipay recently launched a tiered account management system that will assign different privileges and payment limits to different account classes based on the degree to which the account holder has verified their personal information. The new system will go into effect on July 1.
Alipay will classify accounts into three types and impose various payment limits which cover all financial services used by that account. For example, Type 1 accounts have a lifetime payment limit of RMB 1,000, support balance transfers, withdrawals, and purchases, and can pay using whatever remaining money they had in their account balance prior to this change. The total of these aforementioned transactions can add up to no more than RMB 1,000, after which the user will no longer be able to use Alipay. If a user had over RMB 1,000 before this change, then they can still use their account balance to pay for goods and services until the balance reaches RMB 0.
Type 2 accounts have a payment limit of RMB 100,000 per year, and support balance transfers, withdrawals, and purchases. For users with multiple accounts, the RMB 100,000 limit applies to the combined transactions across all the accounts, but there is no limit on cash withdrawals. Type 3 accounts have a payment limit of RMB 200,000 per year, and support balance transfers, withdrawals, payments, and purchases of financial products such as investment and wealth management products.
The limits do not apply to payments involving bank cards, Alipay's account balance fund investment service Yu'e Bao, and Ant Financial's online and mobile pay-by-credit service Huabei.
Keywords: Internet Alipay third-party payment financial services Ant Financial Group policy e-payment online payment mobile payment
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