In recent days, the primary concern for many people is likely only one thing: the new regulations on QR code payments issued by the central bank, which will be implemented in a few days. Many are worried about the impact on our lives when personal QR codes for receiving payments are no longer allowed. Today, let's analyze this in detail.
In October 2021, the People's Bank of China issued the "Notice on Strengthening the Management of Payment Acceptance Terminals and Related Businesses," commonly referred to in the industry as Document No. 259. The impact of this notice is significant and will inevitably lead to major changes in China's payment landscape.
The most significant change, of course, is that the personal QR codes currently used by most small and medium-sized merchants will become a thing of the past. This means that the practice of many small shop owners using their personal QR codes, printing them out, and directly receiving payments will be prohibited.
This single provision alone could potentially force millions of small and micro businesses to revert to the history of cash payments. Why is that the case? Please continue reading.
According to the current regulations, once personal QR codes are banned, merchants who wish to continue accepting QR code payments will have to upgrade to commercial QR codes. Of course, for merchants operating normally, upgrading the payment code is quite convenient. A simple mini-program and uploading a few photos can achieve this, and it's not a difficult task.
However, the biggest reason many small and micro businesses are reluctant to upgrade is the issue of fees. I briefly reviewed the upgrade processes for WeChat and Alipay, and both mentioned that once upgraded to commercial QR codes, transaction fees will be charged, ranging from 3.8% to 0.6%. Many people refuse to accept these fees.
Recently, many friends have left messages for me, saying that my business is a small-scale operation with meager profits. If the payment code deducts even a penny in fees, I will directly return to the cash era.There are indeed many friends who think this way, and it is a real existing issue because those who are currently using commercial collection codes are relatively mature business systems and are operating units of a certain scale, and the new regulations have no impact on them.
Most of those using personal collection codes are small businesses, taxi drivers, or even roadside stalls, which are the main source of income to support the basic livelihood of a family. In a sense, it may be the "life and property" of the whole family. I think most people would refuse to take out a part of the hard-earned money.
So, in such a situation, how should the numerous small and micro merchants meet the consumer's habit of scanning code payment without being willing to bear the transaction fee?
So far, after the central bank issued the new regulations, there has been no follow-up policy on the details of the transaction fee for small and micro merchants, so everyone might as well wait and see if there are new policies implemented in the next few days.
Of course, not only WeChat and Alipay can provide QR code collection, but currently, UnionPay and major banks have also launched their own integrated payment products. In the last program, we also talked about these products, which are also very easy to use, not only compatible with various payment scenarios, but also many are free. Interested friends can go to the nearby bank for consultation, and the procedures are also very simple. It is advisable to handle one in advance to avoid the trouble of rushing to handle it after the policy is implemented.
If everyone really does not want to handle these businesses, for smaller vendors, they can completely open their collection code when receiving money and receive it face to face, which is still allowed by the policy and is a good way for the time being.
At the same time, everyone can wait for the news of digital currency. After the digital currency is fully implemented, these problems will no longer be problems, and our payment model will undergo earth-shaking changes again, which we can look forward to.
Finally, I would like to remind everyone that when handling QR code payment business, it is necessary to handle it in a regular institution, and do not believe in many so-called free QR codes on the Internet, most of which are scammers for marketing propaganda. Don't lose more money just to save a little handling fee, which is not appropriate.So, what impacts will the new QR code regulations have after their implementation on March 1st? We welcome your comments and discussions.
