WeChat Pay responds to new payment code regulations: currently in normal use

This evening, the official account "WeChat Pay Smart Life" issued a notice stating that currently, both WeChat Pay personal payment codes and merchant payment codes can be used normally. If any relevant adjustments are involved in the future, further notice will be given.

It is understood that on October 13, 2021, the People's Bank of China issued the "Notice of the People's Bank of China on Strengthening the Management of Payment Acceptance Terminals and Related Businesses (Yinfa [2021] No. 259)", which put forward new requirements for the management of payment barcodes and set a transition period.

The "Notice" clearly states that "a classification management system for payment barcodes should be established to effectively distinguish the scenarios and purposes of payment barcodes used by individuals and authorized merchants, and prevent payment barcodes from being rented, loaned, sold or used for illegal activities. For individuals with obvious characteristics of business activities, barcode payment and collection service institutions should provide them with authorized merchant payment barcodes, and refer to and implement relevant management regulations for authorized merchants."

In response, WeChat stated that WeChat Pay has actively and in-depth studied the requirements of the new regulations and, after comprehensively and fully evaluating customers' payment needs, now explains the use of payment barcodes during the transition period: Currently, WeChat Pay personal payment codes and merchant payment codes can be used normally. If any relevant adjustments are involved in the future, we will notify you separately.

WeChat Pay added: The personal payment code is a payment product provided by WeChat Pay for individual users, and the merchant payment code is a payment tool provided by WeChat Pay for merchants that have signed contracts with Tenpay. Everyone can apply for different payment codes according to their own needs.