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Alipay fined $28,000 by central bank for violation of rules

(People's Daily)    15:26, April 09, 2018

China’s largest mobile payment app Alipay was fined 180,000 yuan ($28,551) on March 22 for a number of violations, the Hangzhou Branch of the People's Bank of China revealed Sunday.

The irregularities of Alipay, an affiliate of Alibaba Group Holding Ltd, included customers’ rights and interests, product promotions and protection of personal information.

Alipay responded Sunday that the company immediately launched an improvement plan after the problems were found. Related measures were implemented and accepted by the regulatory authorities. It also stressed it will be more strict in the future.

The company has failed to ensure the financial consumers’ right to know and the consumers’ right to independent choice in a sufficient manner, as it has carried out misleading promotions via videos and its official Weibo account.

The calculation of the proportion of complaints that have been processed are false, resulting in the fact that the data released to the public is untrue.

For personal information protection, the company’s collection of personal financial information hasn’t met the minimum and necessary principles. It has also improperly used personal financial information.

According to Non-financial Institutions Payment Service Management Measures and Law of the People's Republic of China on the Protection of Consumer Rights and Interests, Alipay was warned and fined 30,000 yuan and 150,000 yuan respectively by the bank, an aggregate of 180,000 yuan (about $28,558). 

(For the latest China news, Please follow People's Daily on Twitter and Facebook)(Web editor: Liang Jun, Bianji)

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