What will be the impact of the new regulations on non-bank payments such as Alipay and WeChat Pay after they are implemented?

The Regulations on the Supervision and Administration of Non-bank Payment Institutions, which will be implemented on May 1, will further bring non-bank payment institutions and their business activities into the legal track for supervision. Yesterday (22nd), the People's Bank of China released the implementation details of this administrative regulation (draft for comments). How will this administrative regulation be implemented...