Verify Wechat: New rules for online payments in China come into force in 2 days (July 1st 2016). China Central Bank now requires ‘third party payment providers’ (e.g. WeChat and Alipay) to implement real name verification systems for payment services. The legislation has caused much confusion and debate online. Read on to find out: How do these new rules affect WeChat? How do I know if my WeChat account has been ‘real name verified’ or not? Why is this happening?
How do I know if my WeChat account has been ‘real name verified’ or not?
WeChat considers accounts which have linked a mainland Chinese bank card as being ‘real name verified’. Once a user binds a Chinese bank card to WeChat successfully, the name verification process is complete. Even if the user later unbinds the card, the verification remains valid.
What happens if I DON’T verify WeChat by linking a Chinese bank card?
For WeChat accounts without real name verification features related to WeChat pay (lucky money, P2P transfers) will be affected:
1. Non verified WeChat accounts will have a 1,000RMB limit on the total amount of money they can accumulate through lucky money red envelopes.
2. Money transfers will be limited to 1,000RMB for single payments, payments accumulated over one day and payments accumulated for a month.
3. WeChat will push notifications for the user to encourage them to migrate their balance of cash out to a bank card. When using payment features WeChat will guide users to complete their real name verification.
Above: A friendly reminder from WeChat
In addition WeChat accounts which do not link a bank cards cannot join WeChat groups of over 100. But this limitation has been in place for a considerable time and has nothing to do with the new regulations and everything to do with WeChat providing users with a strong incentive to link their bank cards.
Why is this happening?
The rules affect all third party payment providers in China. The mobile payments market leader Alipay has recently taken the more serious step of asking users to verify their accounts by linking not 1 but 2 bank cards from different banks!
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