On March 1, the adjustment of personal receipt code is imminent WeChat and Alipay official disinformation

Recently, there is news that since March 1, 2022, WeChat, Alipay’s personal collection code shall not be used for business collection. Not only that, the data of the last 4 years will be traced, once the amount is larger need to be 4.5% to make up the tax, but also to pay late fees and the corresponding amount of fines. In this regard, WeChat and Alipay official response said that this statement is a rumor. According to the “Notice on Strengthening the Management of Payment Acceptance Terminals and Related Businesses” (hereinafter referred to as “Notice”) issued by the Central Bank in October last year, personal collection codes will not be used for business, and the Notice will officially come into effect on March 1 this year.

It is reported that the new regulation of personal collection codes to be implemented on March 1 is to improve the regulation of collection codes and avoid the emergence of money laundering and other crimes. Combined with the reduction of fees and benefits for small and medium-sized merchants and the reduction of the impact of the policy on the market, it is expected that most individual merchants will not be affected in terms of how to measure “having obvious characteristics of business activities”. Therefore, there is no so-called good news for the aggregated payment service providers, plus the aggregated payment market itself is very homogeneous and competitive, so the impact may be limited.

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