New barcode payment regulations are introduced, choosing the right payment method ingeniously

More and more people are enjoying the convenience of mobile payment in their daily lives, and it has become the norm to go out without cash. Recently, the “Barcode Payment Business Specification (Trial)” issued by the Central Bank will be implemented from April 1, and QR code payments such as WeChat and Alipay will be limited. So, what are the effects on consumers, merchants, etc.?
Scan the QR code to pay more than 500 yuan

Go out to take a taxi, take out your mobile phone and scan the QR code on the car to easily pay for the fare; when you go out to eat, the QR code on your mobile phone is scanned by the cashier’s barcode scanner, and you immediately pay for the bill and leave… The scan code payment method has flown into the homes of ordinary people. For merchants, it not only saves the trouble of going to the bank to deposit money, but also avoids counterfeit money.

Recently, according to the regulations of the central bank, the risk prevention capability of using static barcodes for payment is D level. Regardless of the transaction verification method used, the cumulative transaction amount of the same customer bank or payment institution in a single day should not exceed 500 yuan. So what is static barcode payment? Common grocery stores, snack bars, taxis, etc. posted on the wall or printed QR codes are static barcodes. When we pay for something, we show the payment code for the merchant to scan, which is a dynamic barcode. In other words, consumers scan the QR code to pay for static barcode payment, and others scan your QR code for dynamic barcode payment.

Mr. Ji, a citizen who lives in the Rainbow Community, said about the “limit” issue: “We seldom pay in cash now when we go out to eat. The new regulations require a payment limit of 500 yuan. This standard is really too low. Will cause a lot of inconvenience to consumers.”

Many people will ask if after the new regulations are implemented, using WeChat or Alipay to scan it will only cost 500 yuan a day? In fact, this is not the case. After the implementation of the new regulations, consumers will not be affected by scanning static barcode micropayments at street vendors. For example, if you have a meal of 600 yuan in a restaurant, it will be difficult to scan the static barcode to pay. At this time, the cashier can scan the dynamic barcode generated on the consumer’s mobile phone, and it is safer.

Choose a suitable payment method under the new payment regulations

The static QR code payment method requires you to use Alipay or WeChat to scan the QR code of others. What are the risks of this payment method? In traditional bank card payment, special hardware equipment is used when swiping the card, and the data transmission is also transmitted through a closed dedicated network during transaction. The barcode payment, including the QR code payment, is to process transactions through the open mobile Internet in the form of software, so the security is definitely lower than that of traditional bank card swiping transactions. In the upcoming regulations, the most important thing is to ensure the safety of the payment process. “Ma Guoguang, deputy secretary general of the China Payment and Settlement Association, said in an interview with CCTV. For example, if the QR code is dropped, malicious program codes are carried, illegal links, etc., criminals can turn Trojan horse viruses and phishing website links into barcodes to induce Customer scans to steal sensitive payment information.

How should consumers choose the appropriate payment method? Insiders reminded that if you just eat breakfast at a roadside stall, or go to a convenience store to buy some snacks, and you want to make it more convenient, you can use a static QR code.

If you go shopping in supermarkets, shopping malls, etc., and the amount is more than 500 yuan but less than 1,000 yuan, you can use dynamic barcode payment, that is, the merchant uses a barcode scanner to scan the dynamic barcode of your mobile phone.

If you want to make a large purchase, the amount is less than 5,000 yuan, then you can enter your password or click your fingerprint when you use the dynamic barcode to pay.

If the amount is still relatively large, more than 5,000 yuan, it is recommended to use a bank card or credit card to pay.