As the topic of "platform monthly pay options exiting payment choices" trends on social media, concerns have arisen over whether related financial products on major internet platforms can still be used for payments. This trending topic stems from the "Measures for the Management of Online Marketing of Financial Products" (hereinafter referred to as the "Measures"), which takes effect on September 30. To standardize online marketing activities for financial products, safeguard the legitimate rights and interests of financial consumers and investors, and promote the healthy and orderly growth of internet finance, eight government departments formulated the Measures this April.
In regulating online marketing practices, Article 12 of the Measures explicitly states that non-bank payment institutions must not include financial products such as loans and asset management products in payment tool options, nor provide marketing services for them. The new rule barring loan and asset management products from being "listed as payment tool options" has recently been interpreted as "not to be displayed at the checkout" or "not to be used for payments." In a press Q&A following the release of the Measures, relevant authorities clarified that payment institutions must display payment tools separately from loan and other financial products on the checkout page, ensuring users are not misled into confusing payment tools with loan products.
In practice, some apps have exploited scenario-based traffic to excessively steer users toward credit approvals and engage in improper loan product marketing on payment pages. An industry insider noted that the restriction on listing them as payment tool options means payment tools must be distinctly separated from loan and other financial products on the payment institution's checkout page, preventing any misleading of users. Under the new rules, users' payment channels will be presented by category. For example, Huabei, a credit product, falls under the credit category and remains unaffected in terms of normal usage.
Addressing whether monthly pay products can continue to be used and if they will exit payment options, Meituan's financial customer service stated that Meituan Monthly Pay services are currently operating normally, and users can access them via the Meituan app. They affirmed compliance with national regulations and a commitment to continuously enhance user experience, noting that specific display formats depend on the app's actual interface. Meanwhile, JD.com's Baitiao customer service indicated that JD Baitiao continues to offer services as usual with no plans to remove it from payment options.
The Measures require that before the new rules officially take effect on September 30, financial institutions and third-party internet platforms must proactively accelerate rectification and cleanup of marketing content and behaviors inconsistent with the requirements. With implementation imminent, reporters have observed that Alipay and WeChat Pay have already adjusted their checkout page displays, retaining payment entry points for financial products like loans and money market funds but separating them from payment tools such as bank cards and account balances. On the payment page, distinct sections now include "Wealth Management," "Bank Cards," "Credit," "Installments," "Change (Account Balance)," and "Digital RMB." For instance, Huabei and Fenfu are listed under the credit section, Huabei Installments falls under installments, while Lingqiantong and Yuebao are categorized under wealth management. An Alipay official customer service representative confirmed that Huabei and Yuebao can still be used for payments, and the checkout page has been updated to align with the new regulations, displaying independently categorized sections for bank cards, payment tools, credit, wealth management, and installments.
Comments