CCB puts cap on Alipay quick transfer service

China Construction Bank (CCB) has imposed a cap on quick transfers made via Alibaba Group's third-party payment tool Alipay since Saturday, becoming the last of the country's Big Four banks to do so.

CCB customers will not be able to make quick transfers larger than 5,000 yuan ($803) per transaction via Alipay, or 50,000 yuan in total each month, Alibaba said in a statement sent to the Global Times on Sunday.

China's Big Four banks have all put a cap on quick transfers via Alipay, citing safety reasons. But experts noted that the move could also ease money outflow from banks, given that Alipay's monetary fund Yu'ebao has attracted many users.

Industrial and Commercial Bank of China had set a limit on quick transfers via Alipay February 28. The limit is the same as CCB.

Agricultural Bank of China and Bank of China have set a limit of 10,000 yuan for each transfer and 200,000 yuan for each month, Alibaba said.

"It is users, instead of a monopolistic position or prerogative power, who can decide market success," Jack Ma Yun, Alibaba's chairman, said in a post on the company's messaging app Laiwang on Saturday.