Given the two apps popularity in China they control a significant amount of the supply of M2, or commercial bank money.
Part of the reason why this announcement generated such considerable interest is because of the expectation that eCNY will eventually replace the payment rails offered by WeChat Pay and AliPay.
PAY WITH WECHAT CODE
Underground casinos would often recruit people to rent their personal payment code to the casino in order to launder funds, in exchange for a cut of the proceeds. Ling also added that the use of personal payment codes was a common scheme for laundering funds from underground casinos. “This not only confuses the nature of the transaction, but also leads to the distortion of transaction information, which affects risk monitoring.” For example, some institutions use barcode transfer services for personal receipts to handle large-scale ,” Tony Ling, a partner at China-based Bizantine Capital, wrote in a note to Blockworks. “The government has decided to strengthen supervision due to the hidden risks of personal payment barcodes.
Instead, the PBoC is mandating that businesses only use business payment codes instead of personal ones - a common scheme for small family-run businesses. The reality of the situation on the ground is much more mundane. However, we find ourselves in t hat exact situation ourselves, so will be spending our days searching for the solution, and if we find it, then you, dear readers, will be the first to know.#BREAKING: Mainland China forbids the commercial use of mobile payment apps WeChat Pay and Alipay for money collection, starting on March 1, in order to prevent identity theft and embezzlement via such platform, People’s Bank of China announced.- Ezra Cheung November 26, 2021īut this isn’t happening quite yet. So try digging out the old card you originally registered to WeChat with? (Nightmare, we know).įor those who cannot find that card / that card has expired / that bank account is now closed, the two banks we visited this morning both suggested opening a new bank account with the name (and passport number) that matches the pre-existing bank name as registered with WeChat. (Double nightmare, we know).įor those that are unable to do that. Now, as for those who cannot withdraw their WeChat wallet to zero, they need to find a way to link to a bank card and account that matches their pre-existing bank name as registered with WeChat. Please also note, the process of cancelling WeChat Pay and adding it again will wipe what money is left in your WeChat wallet and delete your entire transaction history. *Your phone number and the spelling and order of your name must match exactly (including spacing) with your bank to link cards.
You should then receive a text message code for verification, and then all will be well in the WeChat world once more. Withdraw WeChat wallet balance to zero (or as close to zero as you can)Ĭancel WeChat Pay in 'Payment Management' WARNING: If you cannot do Step 1 – withdraw WeChat wallet balance to zero – do not cancel WeChat Pay, or you'll lose all the money in your WeChat wallet. However, the good news is that, for many ( but not all) there seems to be a fairly simple solution to the issue, by following the following eight steps. And you cannot simply reset your bank name as registered with WeChat. The major issue for most is that their bank name as registered with WeChat does not match their bank name as registered with their bank.
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There has been a tightening up the verification requirements (thanks for giving us zero warning on this one, WeChat.), and many people have found themselves on the wrong side of said regulations. Woken up this morning to find your WeChat Pay will no longer work?