diff --git a/weixin-java-pay/src/main/java/com/github/binarywang/wxpay/config/WxPayConfig.java b/weixin-java-pay/src/main/java/com/github/binarywang/wxpay/config/WxPayConfig.java
index 3c260226d..a8ad909b3 100644
--- a/weixin-java-pay/src/main/java/com/github/binarywang/wxpay/config/WxPayConfig.java
+++ b/weixin-java-pay/src/main/java/com/github/binarywang/wxpay/config/WxPayConfig.java
@@ -449,7 +449,8 @@ public class WxPayConfig {
    */
   private Object[] p12ToPem() {
     String key = getMchId();
-    if (StringUtils.isBlank(key) || StringUtils.isBlank(this.getKeyPath())) {
+    if (StringUtils.isBlank(key) ||
+      (StringUtils.isBlank(this.getKeyPath()) && this.keyContent == null && StringUtils.isBlank(this.keyString))) {
       return null;
     }