The central bank’s website issued a notice on the “Barcode Payment Business Standards (Trial)”. WeChat and Alipay responded successively, saying that they agreed with the central bank’s standards and at the same time actively developed new technologies and explored their applications. Feasibility in the field of barcode payment.
The full text of WeChat Pay’s response is as follows:
Just now, the central bank’s website issued a notice on the “Barcode Payment Business Specifications (Trial)”. Tencent Tenpay is very concerned about it and is organizing relevant teams. Learn to digest this announcement.
We recognize the central bank’s long-standing efforts to standardize barcode payments, and these efforts are significantly reflected in this regulation. We are also collecting the actual needs of users and merchants, while actively developing new technologies and exploring the feasibility of applying new technologies to the field of barcode payment. Tencent Tenpay hopes to explore more technologically forward-looking innovation models with the industry and regulatory authorities.
As the foundation for the development of financial technology, third-party payment institutions have always attracted much attention. Under the effective guidance and supervision of the central bank and various regulatory authorities, the third-party payment industry has experienced a blowout growth in the past ten years. Tencent Tenpay, which has a third-party payment license from the central bank, has more than 800 million users of its two products, WeChat Pay and QQ Wallet, and the average daily number of transactions has exceeded 600 million. Tencent Mobile Payment, including online and offline The magnitude continues to grow steadily. Risk-controllable, increasingly mature third-party payment institutions and the booming barcode payment have played a positive role in serving public life and stimulating the innovative economy. Tencent Tenpay will continue to develop in compliance with regulations and provide consumers with safer, faster and more convenient mobile payment services.
The full text of Alipay's response is as follows:
The central bank's website has just released the notice of "Barcode Payment Business Specifications (Trial)". Alipay is paying close attention to this notice and is organizing a team to study it carefully.
In recent years, under the guidance and support of the People's Bank of China and various regulatory authorities, China's mobile payment has developed rapidly, ranking first in the world in terms of scale. Mobile payment has become one of China's "four new inventions" in the new era. It plays an active role in serving public life, promoting inclusive finance, improving people's quality of life, and serving the real economy. It has become a high-profile Chinese Phenomenon. In recent years, China’s mobile payment technology has also taken root in many countries along the “Belt and Road”, contributing Chinese solutions to the world.
These achievements are inseparable from the regulatory authorities’ tolerance and support for innovation. Alipay recognizes the central bank’s ongoing efforts to standardize barcode mobile payments. Regarding the relevant content of this specification, we will continue to collect the actual needs of users and merchants, and work with the industry and regulatory authorities to continue to actively develop new technologies and explore the feasibility of applying new technologies to the field of barcode payment.
Since the first day of its birth, Alipay has always put the account security and rights protection of users first, and has successively launched protection plans such as "If you dare to scan, I will compensate you". Continuous innovation on the basis of standardization and security has always been Alipay's development principle. In the future, we will continue to explore in accordance with the spirit of the document, use technological innovation to solve the problem of unbalanced and inadequate development, and continue to work hard for a better life for small and micro enterprises and the general public!
Extended information:
The Beijing News reported on December 28, 2017 that payment by scanning QR codes using apps such as Alipay and WeChat will officially be subject to quota limits. The central bank's official website yesterday released the "Notice of the People's Bank of China on Issuing the "Barcode Payment Business Specifications (Trial)", which is accompanied by the issuance of relevant technical specifications and management from multiple perspectives such as quotas and risk prevention.
The new barcode payment regulations clarify that payment institutions providing barcode payment services must be licensed to operate. In addition, barcode payment limits will be managed at different levels. The new regulations will be implemented from April 1, 2018.
Divide into four levels according to risk and adopt limit management
One of the key points of the new regulations is to emphasize business qualification requirements. Clarify that when a payment institution provides barcode-based payment services to customers, it must obtain an online payment business license; when a payment institution provides barcode payment acquiring services to physical merchants and online merchants, it must obtain a bank card acquiring business license and an online payment license respectively. Business license.
The new regulations point out that banks and payment institutions should conduct barcode payments for individual customers based on the classification of risk prevention capabilities in the "Barcode Payment Security Technical Specifications (Trial)" (Yinbanfa [2017] No. 242) Business quota management.
Specifically: If the risk prevention capability reaches level A, that is, if two or more types of valid elements including digital certificates or electronic signatures are used to verify transactions, they can independently agree with the customer through an agreement. Single-day cumulative limit.
The risk prevention capability reaches level B, that is, if two or more types of valid elements excluding digital certificates and electronic signatures are used to verify transactions, a single bank account or all payment account orders of the same customer The daily cumulative transaction amount should not exceed 5,000 yuan.
The risk prevention capability reaches level C, that is, if less than two types of elements are used to verify transactions, the cumulative transaction amount of a single bank account or all payment accounts of the same customer in a single day should not exceed 1,000 yuan.
If the risk prevention capability reaches D level, even if static barcodes are used, the cumulative transaction amount of a single bank account or all payment accounts of the same customer in a single day should not exceed 500 yuan.
Static barcodes are currently considered one of the riskiest payment areas. In addition to limit management, the new regulations also propose a series of measures to prevent static barcode risks: including requiring that static barcodes should be encrypted and generated by the backend server, requiring that the media displaying static barcodes should be placed within the sight of merchant cashiers, and merchants should regularly check The media is inspected and static barcodes are required to use physical protection measures such as protective covers to avoid being covered or replaced.
This "Specification" divides barcode payment into payment scanning and collection scanning. "Payment scanning" refers to the behavior of the payer reading the barcode displayed by the payee through mobile terminals such as mobile phones and Pads to complete the payment. The user actively scans the code to pay, commonly known as "main scan"; "receipt scanning" refers to The payee completes the payment by reading the barcode displayed on the payer's mobile terminal. This is a passive payment by scanning the code, commonly known as "being scanned".
Zhao Yao, a special researcher at the Payment and Settlement Research Center of the Institute of Finance, Chinese Academy of Social Sciences, believes that in previous pilot applications, barcode payment risks and even user fund losses mostly occurred in "main scans", especially in "main scans". "Scan" static barcodes, the "Specifications" actively guide payers by limiting the static code scanning limit and restricting the specific behaviors and risk control measures of banks and payment institutions in carrying out payment scanning services, and requiring them to provide specific provisions such as mechanisms for resolving damage to customer rights and interests. The "main scan" uses dynamic barcodes that are securely encrypted and set to have a validity period (usually a one-time barcode), and guide merchants' larger payment collection behaviors to the "scanned" ones.
Zhao Yao believes that the "Standards" are the "driver's license" for barcode payment. The central bank’s new regulations allow barcode payment to say goodbye to “unlicensed driving” and “dangerous driving”.
Due to security risk considerations, QR code payment was once suspended
The development of barcode payment has experienced "twists and turns": In 2011, the central bank agreed to some non-bank payment institutions (referred to as payment institutions) Pilot barcode payment services in limited scenarios and put forward strict risk management requirements. By 2014, without establishing effective security measures, unified business rules and a consumer rights protection system, some payment institutions adopted continuous subsidies to widely promote barcode payment services, and the People's Bank of China suspended offline barcode payments. business regulatory measures.
In the following period, QR code payment institutions represented by Alipay and Tenpay have improved their code scanning process (such as changing from users scanning merchants to merchants scanning users). Give up seizing the QR code payment market; and with large subsidies from Internet giants, QR code payment is gradually becoming known to the public.
In response to reporters’ questions, the relevant person in charge of the central bank pointed out that with the widespread application of payment tokenization (Tokenization) and other technologies in mobile payments in recent years, the security standards of barcode payments have been objectively improved. However, due to the lack of unified business specifications and technical standards, there are still hidden risks in the barcode generation mechanism and transmission process, which have also led to payment security risk cases. There are also unfair competition and other phenomena in the business promotion process of market institutions.
In order to standardize the barcode payment business, protect the legitimate rights and interests of consumers, and promote the healthy and sustainable development of the mobile payment business, the People's Bank of China guides the China Payment and Clearing Association to organize market institutions, experts and scholars to conduct full discussions on issues related to barcode payment and Achieved a high level of professional knowledge and researched and formulated corresponding business specifications and technical specifications.
Source: Phoenix Finance-The central bank’s new regulations! WeChat and Alipay scan code payment will be subject to quota restrictions