Payment Licenses Renewed for 17 Institutions Including Alipay and WeChat Pay, Three Applications Suspended

Deep News04-30 19:13

Multiple large third-party payment institutions, including Alipay, WeChat Pay, and China UnionPay Merchant Services, have successfully renewed their payment business licenses.

On April 30, the People's Bank of China released the renewal (re-issuance) public notice for the "Payment Business License" of non-bank payment institutions (May 2026 batch). The notice confirmed the license renewals for 17 institutions. These include Alipay Payment Technology Co., Ltd., China UnionPay Merchant Services Payment Co., Ltd., Allinpay Network Services Co., Ltd., 99Bill Payment Clearing Information Co., Ltd., Shanghai Huifu Payment Co., Ltd., Shanghai Shengfutong Electronic Payment Service Co., Ltd., Ping An Fu Electronic Payment Co., Ltd., Shanghai Fufutong Payment Service Co., Ltd., Beijing Qiandaibao Payment Technology Co., Ltd., Yufu Payment Co., Ltd., NetBank Online (Beijing) Payment Technology Co., Ltd., Lakala Payment Co., Ltd., Yisheng Payment Co., Ltd., Xinsheng Payment Co., Ltd., Tenpay Payment Technology Co., Ltd., Yinsheng Payment Service Co., Ltd., and Shanghai IPS Pay Co., Ltd.

Concurrently, the renewal applications for three payment institutions were suspended, and the application from one payment institution was rejected.

Specifically, due to circumstances falling under Article 24 of the "Implementation Measures for Administrative Licensing of the People's Bank of China," the PBOC decided to suspend the review of the license renewal applications for Shenzhen Kuaitong Payment Co., Ltd., Oriental Electronic Payment Co., Ltd., and Sand Payment Network Service Development Co., Ltd. Furthermore, due to circumstances specified in Item 2, Paragraph 1 of Article 17 of the same measures, the PBOC decided not to accept the license renewal application from Kailian Tong Payment Services Co., Ltd.

Notably, Kailian Tong Payment, whose application was rejected, received a substantial fine earlier this year. In January, Kailian Tong Payment Services Co., Ltd. was penalized for seven violations of laws and regulations. The PBOC's Beijing branch confiscated illegal gains amounting to 25,557,243.63 yuan and imposed an additional fine of 12,877,657.14 yuan, resulting in a total penalty of 38,434,900.77 yuan.

As some of the first non-bank payment institutions in China to receive the "Payment Business License" from the People's Bank of China, the payment business licenses for this batch of institutions were originally set to expire on May 2, 2026.

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