March has arrived, and businesses can still use personal payment codes. What is the reason behind it?

In March 2022, we found that the WeChat and Alipay QR codes of street vendors can still be used normally when going out for breakfast and grocery shopping. The rumor that we can't use WeChat and Alipay to scan the code after March 1 seems to be a joke.

March has arrived, and merchants can also use personal payment codes. According to the announcement of China Payment and Clearing Association, in order to implement the requirements of the Notice of the People's Bank of China on Strengthening the Management of Payment Acceptance Terminals and Related Services, China Payment and Clearing Association has organized its member units to conduct a serious study on further optimizing the bar code payment service, and determined that the current "personal payment code" will not be closed or stopped, and its functions will remain unchanged.

WeChat Pay and Alipay also announced that after March 1, the personal payment codes of the two platforms can continue to be used normally and enjoy a series of existing services including free cash withdrawal. Both WeChat Pay and Alipay indicated that after March 1, an invitation will be sent according to the user's payment situation, and the personal business payment code will be provided voluntarily by the user.

What is the reason behind it? I think this should be the result of the game between various stakeholders, or that WeChat and Alipay made a compromise, and the relevant departments achieved the expected goal of fund supervision. Moreover, there are policies above and countermeasures below. Small and medium-sized businesses and roadside stalls will pass on the cost of mobile payment to ordinary consumers, and the amount of cash used will increase and the share of mobile payment will shrink, which is the result that all parties do not want to see!

In fact, as early as February 22, you can see the announcements of all parties concerned. First, the China Payment and Clearing Association announced a new "Personal Business Receipt Code", which users can freely choose to use. Users can use the "personal business receipt code", the service and experience remain unchanged, the code allocation process is free, and they can enjoy more efficient transaction reconciliation and other services.

Subsequently, both WeChat Pay and Alipay announced that the "personal receipt code" can continue to be used, or it can be upgraded to "personal business receipt code". After the upgrade, customers will enjoy more benefits. After all, water can carry a boat and overturn it. Without the support of small and medium-sized merchants and ordinary consumers, the huge ship of capital will run aground!