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WeChat & Alipay Personal QR code payment will be disabled in Business

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The Central Bank of China starts to monitor personal payments on WeChat and Alipay. All the personal QR code payment methods are going to be disabled in business from 1st March 2022, stated in the notification released by the Central Bank of China.

Currently, people in China are used to making payments via WeChat or Alipay in their daily life and this daily operation would be monitored by China’s Central Bank. One of the reasons for the monitoring is said that the potential risk of money laundering and gambling may be out of control.

This decision from the Central Bank of China will impact both merchants and common people. To merchants, they can not receive payments via the personal QR code anymore, which means all the business or trades will happen under the registered business or company accounts. It shows that China’s government is going to take serious monitoring on tax in the future. To common people, they will also be slightly impacted with less convenience. Naturally, the rising cost for business will result in inflation. Moreover, because all their payments will be monitored by Central Bank and the government, and it might be easier for government to decide where to take more tax, and where to reduce tax.

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