Recently, some people have doubted whether personal collection codes of Wechat and Alipay would be closed or not.
As we all know, Wechat and Alipay payment is so convenient that people can receive and pay money through QR codes without bringing cash outside. More and more merchants start using their personal collection codes to receive payment.
Last year, to maintain the order of the payment market and protect the legitimate rights and interests of consumers, the People’s Bank of China issued a notice on strengthening the management of payment collection terminals and related businesses, which involved the management of payment collection codes.
source: www.gov.cn
According to the notice, the personal collection codes can no longer be used for business payment collection, and it is forbidden to use them for remote payment collection. The notice will take effect on March 1, 2022.
However, it doesn’t mean that the personal collection codes cannot be used after March 1.
The Latest Announcement
In fact, the personal collection codes will continue to work, and there will be a new kind of QR code, called “personal business collection code”, which people can choose to use freely.
source: www.pcac.org.cn
According to the Payment&Clearing Association of China, if people use the personal business collection codes, they will enjoy more efficient services including transaction reconciliation, and the experience remains unchanged.
As for the personal collection codes, people can still use the current personal QR code for receiving payment, and all the functions will not be changed.
Benefits of “Personal Business Collection Code”
"The personal business collection code can accept credit card payments, and can enjoy value-added services such as accounting management and specific marketing. Besides, the personal business collection code can also better prevent and control transaction risks, and can guarantee the safety of users’ funds more effectively."
source: Xinhua, Payment&Clearing Association of China
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Wechat and Alipay also posted the announcement to explain the relevant information about personal collection codes.
source: Wechat, Alipay
After March 1, people can still use the personal QR code of Wechat and Alipay normally.
Wechat will send messages and make invitations to users, providing them personal business collection code on a voluntary basis.
Alipay can provide free service for users to upgrade the personal collection code to the personal business collection code.
Actually, people using the personal business collection code will enjoy more payment functions and services.
Therefore, don’t worry about the use of personal QR code for receiving payment!
In the future, China will continue to improve theservice functions of payment collection codes, enhance the security of barcode payment, better meet the diversified payment needsof users,safeguard the legitimate rights and interests of users, and create a good market environment.
HACOS always pays attention to various policies and will update the new information.
If you want to know more, please contact our consultants or leave your message.
