In order to simplify the user ID verification process of the electronic payment institutions, to adequately reduce the operating cost of electronic payment institutions, and to bring more convenience to users, the FSC amended the above three Regulations on September 10, 2016. Key points of the amendments are as follows:

1. Simplifying the ID verification process of user registration and electronic payment account opening: removing the requirement of verifying the email address and social media account from the ID verification process originally carried out by an electronic payment institution for Type 1 - Type 3 e-payment accounts, in order to make the user registration procedure more convenient. 

2. Extending the adjustment period for verification of all user identities through real names by electronic payment institutions: currently some users of electronic payment institutions do not use their real names for identity verification. Now the deadline for electronic payment institutions to make adjustment for verifying all user IDs with real names is extended to September 30, 2017, giving these institutions more time to make such an adjustment and helping them launch and expand their business smoothly. At the same time, the limit of transaction amount for users not using real names will be lowered gradually during the adjustment period. This complementary measure is designed to encourage these users to use their real names. After the adjustment period, all users of electronic payment institutions will have to use their real names for ID verification. 

3. Expanding the scope of payment services for an agreed linked deposit account: In order to adequately reduce the operating cost of electronic payment institutions and increase the scope of their payment services, the FSC has allowed these institutions to accept deposits of funds as stored value funds and transfer funds between e-payment accounts through payment via agreed linked deposit account.