News Snapshot:
The People’s Bank of China has banned the use of WeChat and Alipay payment codes for businesses beginning on March 1, 2022, according to reports. WeChat and Alipay are the two most popular digital payment platforms in China. According to China News, personal collection codes and barcodes for non-face-to-face collections will be halted. The report explains: “What impact does the “Notice” have on consumers and small and micro businesses? The relevant person in charge of the central bank stated that the “Notice” will generally help to better protect the legitimate rights and interests of consumers, and will help prevent criminals...
