This morning，a news went virus on Chinese social media Weibo, saying that "from March 1 next year, WeChat Pay and Alipay codes will be banned from use in business operations ". This caused a debate among netizens, who questioned whether it would have a significant impact on their lives.
The source of this news is Beijing Daily, and is currently titled “Personal Payment Reception Codes on WeChat and Alipay to be Limited From Business Operations on March 1, 2022”.
It’s hard to tell whether the title was updated after Beijing Daily discovered the misreporting or the rumor went on in the process of social media reproduction, but " Personal Payment Reception Codes " are obviously different with the " WeChat and Alipay Payment Codes ".
In the afternoon of November 26, the media quickly made a clarification saying there is a misunderstanding on the news.
A person familiar with the matter said, Reception Codes were divided into Personal Reception Code and Business Reception Code. In this news report, Business Reception Code is not banned for commercial use. Secondly, the ban is for remote non-face-to-face reception, while offline code vendors are basically face-to-face, and are not banned from using them.
This news also "scares" the Fin-tech industry, which is facing strict supervision recently. A person from payment industry believes that most merchants are now registered small and micro merchants and upload data to third-party payment companies. This central bank restriction does not have much impact on the normal business operations of merchants and the normal merchant management of third-party payment companies.