multiple banks, alipay: reductions and extensions!
2024-10-07
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the china payment and clearing association and the china banking association recently issued an initiative to encourage payment industry entities to extend some of the fee reduction project standards after the payment fee reduction measures for small and micro enterprises and individual industrial and commercial households expire on september 30.
it is understood that major commercial banks, non-bank payment institutions and clearing institutions such as china unionpay have responded to the initiative and issued continuity arrangements and preferential measures.the four major banks have all stated that they will extend some of the preferential handling fee reductions and exemptions that will be implemented at the end of september 2021 and expire at the end of september 2024 for three years, until september 2027.。
icbc said that for fee reduction projects, it will proactively identify target customers through the system and reduce all charges that should be reduced. agricultural bank of china will continue to waive handling fees for deposits and remittances for unit settlement accounts of less than 100,000 yuan for small and micro enterprises and individual industrial and commercial households, and will continue to allow small and micro enterprises and individual industrial and commercial households to open foreign exchange capital accounts and foreign exchange settlement accounts. there is a 50% discount on the account opening fee. bank of china will implement cost pricing on the cost of security certification tools for all corporate customers in the long term, and will continue to simultaneously reduce the acquiring service fees for merchants. china construction bank will continue to waive handling fees for account opening, account number selection, combined seal management, seal change and loss reporting for small and micro enterprises and individual industrial and commercial households.
china merchants bank stated that it will waive digital certificate fees, account management fees and handling fees for all customers, and implement a 50% discount on account opening handling fees. bank of beijing announced that it will continue to waive account opening fees, management fees and annual fees for all corporate settlement accounts.
it is reported that china unionpay will continue the fee reduction and benefit measures with its member institutions for three years. since september 2021, china unionpay has joined hands with commercial banks to implement bank card swiping fee discounts, and unionpay fee reductions and exemptions for inter-bank transfer and remittance transactions with small and micro enterprise cards and corporate settlement cards.
alipay said,starting from september 30, 2024, alipay will continue the two preferential policies of "free cash withdrawal fees for merchants receiving money codes" and "10% off the online payment service fees (acquisition fees) for small and micro merchants" for one year.。
tenpay said it would continue its fee reduction policy. on this basis,for small and micro enterprises, individual industrial and commercial households, and individuals with business activities that meet the standards, the payment processing fee will be discounted at a 10% discount based on the standards published on the official wechat pay website.。
lakala said that it will continue to implement fee reductions for small and micro enterprises and individual industrial and commercial households, and provide preferential fee reduction measures for payment account balance withdrawal fees.
in june 2021, the people's bank of china and other four departments jointly issued the "notice on reducing payment processing fees for small and micro enterprises and individual industrial and commercial households", requiring payment industry entities to reduce government-set and guided price categories such as bank account service fees and card swiping fees. charging standards for payment handling fees and charging items. the notice will be effective from september 30, 2021. among them, the fee reduction period for bill business is long-term, and the preferential period for other fee reduction measures is 3 years.
as of the end of the second quarter of 2024, member units of the china payment and clearing association have reduced fees and profits for various market entities by more than 100 billion yuan, effectively reducing the operating costs of small and micro entities and supporting the development of the real economy.
source:xinhua news agency
