Alipay announced the implementation of small and micro merchants to reduce fees and collect money codes and cash withdrawals are free for another 3 years-e-commerce-payment / financial technology

News on the afternoon of July 27, in response to policy requirements, in order to further help the real economy to reduce operating costs, continue to increase fee reductions for small and micro merchants. Alipay today announced the rules for reducing fees for small and micro merchants. Starting August 1, eligible merchants can receive a 10% discount on the rate. At the same time, the cash withdrawal code will continue to be free for the next 3 years. This is an official announcement made by Alipay in March this year, and the validity period will be extended to September 30, 2024.

On June 25 this year, the People’s Bank of China, the China Banking and Insurance Regulatory Commission, the Development and Reform Commission, and the State Administration for Market Regulation put forward the requirement of “encouraging banks and other payment entities to continue to reduce handling fees”; the China Payment and Settlement Association and the China Banking Association initiated the “The Proposal for the Payment of Handling Fees by Enterprises and Individual Industrial and Commercial Households”, it is proposed to implement preferential treatment or reduction or exemption measures for related fee payment items within three years from September 30, 2021.

In the announcement released today, Alipay said, “In the past month or so, we have stepped up the work of formulating detailed rules and system upgrades. The preparations are now in place.”

According to Alipay’s announcement, the free target for cash-receiving code withdrawals is all cash-receiving code merchants; the 10% discount on the online payment service fee is for small and micro enterprises, individual industrial and commercial households, and individuals with business activities that meet the standards. Among them, small and micro enterprises refer to small and micro enterprises that comply with the Ministry of Industry and Information Technology’s “Regulations on the Standards for the Classification of Small and Medium-sized Enterprises”, and individual industrial and commercial households refer to individual industrial and commercial households registered with the market supervision department. These users can log in to the “Alipay Merchant Center” website from August 1st, and after confirming the relevant information on the home page, they can enjoy a 10% discount on the online payment service fee.