Benefits of merchant payment codes

The benefits of using QR codes for merchants to collect payments: no need to change frequently; reduce the risk of receiving counterfeit currency; obtain more customers; withdraw cash to bank cards for free; facilitate clear reconciliation, etc. Because most merchants will enable QR codes for payment, customers can choose various channels to pay, and merchants can collect payments directly into bank cards through QR codes.

Of course, if the merchant does not activate the QR code for payment, then payment must be made in cash, which will cause the merchant to lose part of its customer base, which is not cost-effective for doing business.

The merchant code is also a payment code, and the payment code is a function. On February 28, 2017, Alipay officially launched the "payment code" function in a prominent position on the first screen, and users can use this to initiate face-to-face transactions. Payment function. [1]

On March 30, 2021, the Alipay Open Platform officially announced: The free cash withdrawal service with the collection code will be extended for another three years to March 31, 2024, and there will be no single limit for free cash withdrawals. and a single-day limit.

Definition

According to Article 2 of the "Barcode Payment Business Specifications (Trial)" issued by the People's Bank of China: Barcode payment refers to banking financial institutions (hereinafter referred to as banks) and non-bank payments. Institutions (hereinafter referred to as payment institutions) apply barcode technology to realize the business activities of monetary fund transfer between payees;

History

According to the earliest data found: August 2013 , CITIC Bank Shishi Branch signed a cooperation agreement with Shishi Swell Trading Co., Ltd. as a special merchant for QR code payment business, successfully developed the first special merchant for QR code payment business in Shishi, and opened up a new mobile payment model in Shishi area;

After the money collection code is launched, for users who need to collect money frequently, if they want to carry it with them or stick it in a fixed location, they can also click "Receive Money Code Sticker for Free", Alipay Stickers can be mailed to your home.

After applying for the Alipay "Money Collection Code" sticker, you can accept transfers from consumers. When you withdraw the money to your bank card, it will be free of charge, and you can see the flow and reconciliation management with one click.

On March 30, in order to further reduce the cost of small and medium-sized merchants, the Alipay Open Platform officially announced today: the free cash withdrawal service using the collection code will be extended for another three years to March 31, 2024, and there will be no free cash withdrawals. Single transaction limit and single day limit.

Supervision system

Article 7 Banks and payment institutions shall consciously abide by business ethics and shall not slander the commercial reputation of other market entities in any form, or use unfair competition methods to squeeze out competitors. , Harm the interests of other market entities and undermine the order of fair competition in the market.

Acquiring outsourcing

According to Article 30 of the "Barcode Payment Business Standards (Trial)" banks and payment institutions shall follow the "People's Bank of China's Notice on Strengthening the Outsourcing Management of Bank Card Acquiring Business" "Notice" (Yinfa [2015] No. 199) requires careful selection of outsourcing service agencies, strict regulation of business cooperation with outsourcing service agencies, and strengthening of risk management responsibilities for acquiring outsourcing businesses.