WeChat suddenly stopped registration! But the new WeChat loan function is so good

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Recently, the news that WeChat has suspended new user registration has been widely circulated online. The official response is to upgrade the security technology and reopen the registration entrance after the upgrade is completed in early August. Compared with the short-lived suspension of user registration, the next news is obviously more eye-catching, which is - WeChat IOU is coming!

In daily life, we always encounter situations where we need to borrow money from others or lend money to others. We always have to write a promissory note for borrowing money! But the problem is that we are not legal professionals. How should we write a promissory note? Are there any loopholes? What if the other party does not agree? There is always a long list of questions lingering in our minds.

Finally... after thinking about it for many years, WeChat gave us a good solution - "WeChat IOU" was launched.

WeChat IOU is a function in the "Tencent E-Signature" applet, which means that you can open WeChat IOU by simply searching for the "Tencent E-Signature" applet in WeChat.

The mini program provides three functions in total, namely "Small Receipt", "Small IOU" and "Small Contract". Here we take "Small IOU" as an example. First, we will see a sample template. After clicking the "Create IOU" button below, a brief notice will pop up. The general meaning is that Tencent is only the provider of the template and has no legal connection with the borrower and the lender. If the two parties have a dispute over the loan, they need to handle it themselves in accordance with relevant laws and regulations. In short, this step is to clarify the legal responsibilities between WeChat and users, that is, WeChat IOU is not an intermediary matchmaking agency in essence, which is also a big difference from the previous P2P platform.

If there are no problems, click the "I understand and accept the above content" button to proceed to the next step.

The next step is the standard "template-based" stage, which is to put your real loan information on the template you just saw. The issuance of the IOU can be initiated by the borrower or the lender. In short, no matter which party initiates it, just fill in the loan amount, reason, term, interest rate, repayment method and other information agreed by both parties, and then send the IOU to the other party for confirmation.

One thing that needs to be noted here is that the information of both the borrower and the lender is initially filled in by the issuing party. Although the system will also verify the authenticity, since the other party's ID number is required in advance, it may encounter some trouble in actual use.

The rest of the information can be filled in according to the actual situation. The mini program has made some restrictions on the age of the borrower and the lender, the loan amount, the loan term, the agreed interest rate, etc. For example, the borrower and the lender must be between 22 and 60 years old, the loan amount must not exceed RMB 100,000, the repayment period must not exceed 2 years, the agreed annual interest rate cannot exceed 12%, etc. In short, all of this is designed in accordance with the relevant provisions of the "Civil Code" and can ensure the financial security of both parties to the borrower to the greatest extent.

After the information is filled in, the next step is electronic signature and face recognition. The signing process is similar to what we usually do in a bank branch. Just write your name on the screen, and the system will automatically verify your face. Once the verification is passed, it can be sent to the other party for confirmation and signature.

The operation of the other party after receiving the IOU is very similar to the above, except that there is no need to fill in the loan information. WeChat will verify the identity of the other party through face recognition. If it is found that the ID and the face do not match, the signing operation cannot be completed. Finally, after the signing is completed normally, a "signed" stamp will be generated at the top of the IOU of both parties' mini-programs, and the entire IOU will truly have legal effect!

The created IOU will be stored online through blockchain technology, which complies with the relevant provisions of the Civil Code and the Electronic Signature Law, and also has full legal effect. The borrower and lender can cancel the IOU at any time according to the actual situation. Similarly, for security reasons, the cancellation operation will also require the signature of both parties, and the operation process is similar to the above.

Final Thoughts

In general, WeChat IOU is very easy to use throughout the process. It breaks the trouble of traditional IOUs that must be signed face to face, and ensures the security of IOUs through electronic evidence storage and regional chain technology. Most importantly, it solves a legal problem that both borrowers and lenders are very troubled by, and paves a way out for personal loans. However, the link where the issuer fills in the personal information of both parties is more likely to cause privacy leakage, and there is still room for improvement. The best way is to automatically add it when the other party signs. Of course, this also depends on how Tencent will improve it later!