What is the difference between personal payment code and merchant payment code? How to change to merchant payment code?

Personal payment codes are now built-in modules of WeChat and Alipay , and users can use them directly without going through any special application procedures. Many small vendors print out their own payment codes for use. To activate a merchant payment code, you need to upload some application materials, which will be verified by the payment institution before activation.

People from the central bank said that the statement that WeChat and Alipay payment codes "cannot be used for business payment collection" is a misunderstanding. Merchants who use "code cards" or printed and packaged QR codes need to apply to payment service agencies (such as WeChat, Alipay, etc.) to convert to commercial payment codes, but consumers' daily payment experience and feelings will not be affected.

On October 13 this year, the central bank’s official website released the "Notice of the People's Bank of China on Strengthening the Management of Payment Acceptance Terminals and Related Businesses" (hereinafter referred to as the "Notice"), which put forward specific requirements on payment acceptance terminal business management, designated merchant management, and acquiring business monitoring, and will come into effect on March 1, 2022.

What has attracted people's attention is that the "Notice" has made specific provisions on the use of personal payment barcodes, which are frequently used in daily life.

It mainly includes: First, individual payment barcode users with obvious business characteristics are managed in accordance with the management of designated merchants, and it is required to provide merchant payment barcodes for such individual users to improve the quality of payment collection services for individual operators.

Second, personal static payment barcodes are generally prohibited from being used for remote non-face-to-face payment collection, and whitelist management should be implemented if necessary.

Third, the relevant requirements for personal static payment barcodes shall be followed for personal dynamic payment barcodes saved through screenshots, downloads, etc., to prevent criminals from circumventing policy requirements by using personal dynamic payment barcodes.

Fourth, it is required to prudently determine the entry conditions and scale of the personal static payment barcode whitelist, the validity period, number of uses and transaction limits of personal static payment barcodes, and prevent the risk of abuse of the whitelist.