As we enter mid-to-late September, discussions on social media about the topic "WeChat Lingqiantong and Yu'e Bao will no longer support direct consumption payments after September 30" have increased. Some even claim that products like Yu'e Bao and Lingqiantong may be removed from payment checkout pages.
Cailian Press reporters learned that these claims mainly stem from interpretations of relevant clauses in the "Administrative Measures for Online Marketing of Financial Products" (hereinafter referred to as the "Measures"), which come into effect on September 30. According to Article 12 of the "Measures," non-bank payment institutions are prohibited from including financial products such as loans and asset management products in payment tool options, and are not allowed to provide marketing services for such financial products.
Since the underlying assets of Yu'e Bao and Lingqiantong correspond to money market funds, which are asset management products, the relevant regulations have thus attracted market attention.
On September 11, Cailian Press reporters confirmed with multiple payment institutions that market rumors claiming "Yu'e Bao and Lingqiantong will no longer be usable for payments" are a misinterpretation of the policy.
An insider from a payment institution told Cailian Press reporters that, in fact, relevant officials from the People's Bank of China and seven other departments explicitly stated in their Q&A session on the "Administrative Measures for Online Marketing of Financial Products" that payment tools on the checkout pages of payment institutions must be displayed separately from financial products such as loans, and must not mislead users into confusing payment tools with loan products.
"It does not prohibit the use of Yu'e Bao or Lingqiantong funds for payments, nor does it ban their display on checkout pages; rather, they need to be displayed separately," said the aforementioned individual. In other words, after September 30, users will still be able to make consumption payments via Lingqiantong and Yu'e Bao. However, on the payment page, they will be displayed separately from other payment tools such as balance funds and bank cards. The related payment functions will not be affected.
Today, Tencent's Tenpay told Cailian Press reporters that Lingqiantong has always adhered to compliant operations, and the use of its related functions remains unaffected.
Regarding Yu'e Bao, an industry insider close to the institution analyzed for Cailian Press reporters that it is expected to have "little impact." Users will still be able to choose Yu'e Bao as a payment method in the future. The separate display required by the new regulations is currently being gradually implemented across different scenarios, which will take some time.
A representative from Ant Group previously stated that "compliance is the foundation for the sustainable development of the industry and will bring more stable growth opportunities." The "Measures" have extensively incorporated industry feedback, providing clear guidance for internet platforms to operate in a standardized manner. This helps promote the construction of a market environment that upholds integrity while encouraging innovation, injecting positive momentum into the standardized development of internet finance. They also stated, "In our business practices, we proactively align with regulatory requirements and continuously optimize product experience and service processes."