Starting July 1, 2016, China will tighten regulations on non-banking online payment platforms to to fight against financial fraud and money laundering. Now you have to open accounts with real names and identifications. China has also imposed a cap on
maximum yearly payments through such platforms at 200,000 yuan ($30,910). According to the new policy,
for example, each account on WeChat can transfer at most 1,000 yuan through the
"Lucky Money" function. If more money needs to be transferred, the
users must provide three to five ways to verify identity, including bank
accounts, driving license and social security ID.
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