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E-Wallets Alipay, WeChat Pay Start to Accept Online Credit Card Withdrawals
Mobile payment platforms run by Chinese e-commerce giant Alibaba Group Holding and internet behemoth Tencent Holdings have begun allowing online withdrawals from credit cards to top up users’ balances. But the new function poses greater risks for banks which must monitor how the funds are used.
AliPay and WeChat Pay are cooperating with some banks to let users withdraw money from their credit cards online, rather than taking out cash at automatic teller machines or bank counters, Yicai Global has learned.
The function, which is being tested on a limited scale, will allow users to transfer funds from their credit cards onto debit cards linked to their e-wallets. As these debit cards can be issued by a number of different banks, lenders will need to link arms to supervise the use of funds after withdrawal.
The amount of money that can be withdrawn and at what rate are determined by the banks, according to the service agreements on both platforms. Neither Alipay nor WeChat Pay are charging for the service.
The new function will make credit card users more active and hike banks’ business volume, an industry insider told Yicai Global. It will also help drive up customer loyalty at the two mobile payment platforms.
However, banks need to be vigilant about how money withdrawn online is used. Money from credit cards count as loans and must not be used to pay off other loans or used to invest in the stock and real estate markets, according to China’s credit card business regulations.
“It is difficult for banks to monitor where the money withdrawn online from credit cards goes, and they will need the help of Alipay and WeChat,” the head of a bank’s credit card center told Yicai Global.
Source: Yicai
