The Payment and Clearing Association of China and the China Banking Association recently issued an initiative to encourage payment industry entities to continue some fee reduction projects after the expiration of the fee reduction measures for small and micro enterprises and individual industrial and commercial households 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 content of the initiative and issued continuation arrangements and preferential measures. The four major banks have all announced that they will extend some of the preferential fee reductions and exemptions from the end of September 2021 to September 2027 for three years, which will expire at the end of September 2024. ICBC said that for fee reduction projects, the target customers should be actively identified through the system, so as to reduce as much as possible. The Agricultural Bank of China will continue to waive the handling fee for the general deposit and exchange of a single unit settlement account of less than 100,000 yuan for small and micro enterprises and individual industrial and commercial households, and continue to implement a 5% discount on the account opening fees for small and micro enterprises and individual industrial and commercial households to open foreign exchange capital accounts and foreign exchange settlement accounts. Bank of China will implement long-term cost pricing for all enterprise customers' security authentication tool production costs, and continue to reduce the acquiring service fee for merchants. CCB will continue to waive handling fees for small and micro enterprises and individual industrial and commercial households, such as account opening, account number selection, portfolio seal management, seal change and loss reporting. China Merchants Bank said that it will waive digital certificate fees, account management fees and handling fees for all customers, and implement a 5% discount on account opening fees. Bank of Beijing announced that it will continue to waive all unit settlement account opening fees, management fees and annual fees. It is reported that China UnionPay will extend the fee reduction and interest concession measures for three years with its member institutions. Since September 2021, China UnionPay has joined hands with commercial banks to implement preferential handling fees for bank card swiping, and to reduce or exempt UnionPay handling fees for inter-bank transfer and remittance transactions of small and micro enterprise cards and corporate settlement cards. Alipay said that from September 30, 2024, Alipay will extend the two preferential policies of "free cash withdrawal fee for merchants who collect money codes" and "9% off the online payment service fee (acquiring fee) rate for small and micro merchants" for one year. Tenpay said it would continue the fee reduction policy. On this basis, for small and micro enterprises, individual industrial and commercial households, and individuals with business behaviors who meet the standards, their payment fees will be discounted by 9% on the basis of the standards published on the official website of WeChat Pay. Lakala said that it will continue to do a good job in the transmission of fee reductions for small and micro enterprises and individual industrial and commercial households, and the preferential measures for fee reductions 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 Handling Fees for Small and Micro Enterprises and Individual Industrial and Commercial Households, requiring payment industry entities to reduce the charging standards for government pricing and guidance price payment handling fees such as bank account service fees and card transaction fees. The notice will come into force on September 30, 2021, of which the fee reduction period for bill business is long-term, and the preferential period for the rest of the fee reduction measures is 3 years. As of the end of the second quarter of 2024, the members of the Payment and Clearing Association of China have reduced fees and profits by more than 100 billion yuan for various market operators, effectively reducing the operating costs of small and micro entities and supporting the development of the real economy.
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Source: China Economic Net Editor|Wei Wei Attention