From March 1 this year, personal payment codes will be disabled for merchant payment. Will we return to the era of banknotes?

The central bank issued the "Notice on Strengthening the Management of Payment Acceptance Terminals and Related Businesses" and required implementation from March 1 this year; it also proposed a series of management requirements for barcode payment. At the same time, barcode payment has also been included in the supervision, and specific regulations have been made on the use of barcodes for personal payment, which will be implemented from March 1, 2022.

One of the core concerns is the large number of small street merchants with low turnover. Do they need to change from personal payment codes to commercial payment codes? Will the cost increase? The China Payment and Clearing Association, Alipay, and WeChat issued announcements almost simultaneously to clarify this.

With the continuous improvement of living standards, the use of smartphones can be seen everywhere in our daily lives. Among them, the collection and payment functions of WeChat and Alipay are now leading the trend. In the past, when everyone went out to buy things, they carried cash in their bags, but now all they need is a mobile phone.

Now we only need to show the payment code to pay, and of course the payee only needs to show your payment code. It is worthy of recognition that the payment code on the mobile phone really brings convenience to our lives. And more and more people are more willing to pay with their mobile phones and receive payments directly with their mobile phones.

However, the official website of the central bank issued a document to carry out heavy rectification for Internet payment collection. "Starting from March 1 this year, personal payment codes will be prohibited from commercial use." It is understood that only personal payment codes are restricted. In other words, if merchants want to use QR codes to collect payments, they must convert their personal payment code applications into commercial payment codes.

Another kind of payment code is the kind of payment code we see on the streets and night markets selling Eastern things. After we check out, we can see the payment account in the payment details. personal. This category is prohibited within the scope of the central bank’s new regulations.

In addition, Bank of China and China Construction Bank also have similar promotions. The Bank of China said that the Bank of China collection code supports free store opening and free store promotion for large, medium, small and micro merchants; it supports four payment methods including BOC Laijucai, WeChat, Alipay and UnionPay;

China Construction Bank said that CCB The merchant's payment QR code integrates multiple payment methods such as WeChat, Alipay, UnionPay QuickPass, and Dragon Pay. After the merchant receives the payment, the funds can be directly transferred to the customer's bound CCB card or corporate account without the need to withdraw cash. In addition to banks, many aggregation payment institutions are also promoting their payment codes, and the acquiring market is becoming increasingly fierce.

The merchants we deal with are required to pay taxes to the state. They use merchants to collect and pay, and there are records in the background, so the state can collect taxes from these operators in accordance with the law. Merchants who use personal payment codes to collect payments are not involved in business activities, and the state cannot collect taxes in accordance with the law. From the perspective of the country's interests, this is definitely not allowed. Therefore, there is a reason why the commercial use of personal payment codes is restricted this time.

After the commercial use of personal payment codes is restricted, a series of merchants such as WeChat merchants will not be able to use personal payment codes for transactions, and will sign agreements with third parties, thereby expanding merchants and transaction volume. Therefore, we must look at everything from a developmental perspective. We should not only look at the disadvantages of this matter, but also discover its advantages, so that we can better understand the intention of this matter.