Yu 'ebao is a storage service launched by Alibaba, which means that putting money in the bank will generate interest. But Yu 'ebao is not a real bank, but a fund.
Yu 'ebao is connected with Yu 'ebao Monetary Fund under Tian Hong Fund, which is simple to operate, low in threshold and free of handling fee. In addition to the financial management function, Yu 'ebao can also be directly used for shopping, transfer, payment, repayment and other consumer payments. It is a cash management tool in the era of mobile Internet. At present, Yu 'ebao is still the largest monetary fund in China.
Conditions for using Yu 'ebao service:
Residents of People's Republic of China (PRC) and Chinese mainland who have reached the age of 18, users who have completed Alipay real-name authentication, or users who have completed Alipay account authentication and bound fast payment. If the user already has a real-name authentication account (18 ID number), it is necessary to connect with other accounts for authentication before opening Yu 'ebao.
According to the Administrative Measures for Online Payment Services of Non-bank Payment Institutions previously issued by the People's Bank of China, it is stipulated that payment institutions should implement real-name system management requirements when conducting online payment services.
Specifically, it is stipulated that the payment institution should register the customer's identity information, and conduct multiple cross-verification of the customer's basic identity information through more than three legal and safe external channels to ensure the effective verification of the customer's identity and its true wishes. Payment institutions will classify personal online payment accounts into three categories according to customer identity authentication.
Class I payment accounts, that is, accounts without real-name authentication, can only be used for consumption and transfer, including cash withdrawal business, with a lifetime accumulated amount of 1 1,000 yuan.
Class II payment accounts, that is, accounts verified by at least three external channels at the initial stage of real-name authentication, can only be used for consumption and transfer, and the amount is 654.38+10,000 yuan per year, excluding cash withdrawal business.
Three types of payment accounts refer to individual customers whose basic identity information has been cross-verified by at least five legal and secure external channels. The account balance can be used for consumption, transfer, purchase of financial products such as investment and wealth management. The annual cumulative payment transaction of all payment accounts does not exceed 200,000 yuan, excluding cash withdrawal business.
However, there is still one point to be noted in the new regulations. All the limits in Alipay are limited to the money in the "balance" of the account, only for the money in the "change" of WeChat. Direct transfer payment from bank card, or payment through wealth management products such as Yu 'ebao and Ant Flower Garden. They are not within the scope of the new regulations. However, in Alipay, only users with real-name authentication can enjoy various financial services such as Yu 'ebao, Ant Flower Garden and Ant Borrowing, and Sesame Credit can only be opened after real-name authentication.
Alipay said that although the new regulations will be implemented after July 1, it does not mean that the balance in accounts without real-name authentication will be frozen or disappeared after July 1. If you can't pay with the balance, you just need to improve the identity authentication information.
However, users who want to upgrade their accounts through real-name authentication can view their real-name accounts in account management and upload photos of their certificates.
Baidu encyclopedia-Yu' ebao