Recently, there have been many reports on the Chinese Internet that from March 1, 2022, WeChat and Alipay personal (personal) collection codes cannot be used for business collection, which is what many foreigners in China are doing. And also, data for the last 4 years will allegedly be traced, and if the amount is large, violators allegedly need to pay a tax of 4.5%, as well as late payment penalties and fines.
On Feb. 15, 2022, WeChat Pay employee replied that the above information about taxes, fines, penalties and tracking for 4 years is not true, all information should be checked directly through WeChat official messages.
According to WeChat Pay, in accordance with the agreement between Tenpay (the main company of WeChat Pay) and the regulators and understanding of the new rules, after March 1, it is still possible to use the QR code for personal collection for non-commercial purposes, but Users with obvious commercial behavior need to switch from use of personal codes to use business codes in accordance with the rules, and the platform will provide some (which is not specified) period of time as a transition period.
The aforementioned person in charge also said that the regulatory authorities will announce the rules of overt business conduct in the near future. If the update standard is not met, the WeChat Data Collection Assistant will send a notification.
As we have previously repeatedly reported, October 13, 2021, the "Notice of the People's Bank of China on Strengthening the Management of Payment Accepting Terminals and Related Enterprises" was published on the official website of the central bank, which puts forward a number of management requirements for acquirers and clearing structures. Barcode payment has also been included in the oversight, and special rules for the use of personal collection barcodes have been adopted, which will come into effect from March 1, 2022.
According to CCTV news reports, the collection codes are divided into personal collection codes and business collection codes, among them, the main ones to which restrictions will be applied are personal static collection codes. According to the regulation, personal static cash collection codes are prohibited from being used for remote non-personal cash collection in principle, and users of personal cash collection codes with obvious business characteristics will be managed by contacting special merchants.
The aforementioned report states that for users of personal fee codes with obvious business characteristics related to the management of special merchants, it is necessary to provide merchant fee codes for such individual users in order to improve the quality of acquiring services for individual operators