Starting from 1 March 2022, the personal payment reception codes on electronic payment platforms will be banned from being used in business operation. Merchants who use personal money reception codes need to apply to collection service agencies, such as WeChat and Alipay, to switch to commercial collection codes, but consumers' daily payment experiences will not be affected.
The notice clearly emphasizes that the collection code is divided into personal and business collection codes, and the business collection code is not included in this notification restriction. Among them, the main thing that will be restricted is the personal static collection barcode. According to regulations, personal static collection codes are prohibited in principle from being used for remote non-face-to-face collections. Institutions should carefully determine the whitelist of personal collection static codes and refer to special merchants for personal collection barcode users with obvious business characteristics.
The introduction of the new regulations will promptly prevent businesses' tax evasion and money laundering, and also prevent consumers from falling into new types of financial fraud, experts said.
