Alipay Fined for Payment Rule Breach

Alipay, China’s largest mobile payment provider, was fined 4.12 million yuan ($601,860) for a violation of payment rules, according to a regulatory filing Monday by the central bank’s Shanghai branch.

The penalty is part of a stepped-up central bank crackdown on misconduct in China’s multi-trillion dollar online payment market involving hefty fines on violators. The campaign is part of the country’s broader battle against financial risks.