Interpretation of payment agreement: WeChat Pay/Tenpay/WeChatPay/QQ Wallet

15/10/2022 /

Reference documentation

  1. Document 1 WeChat Pay User Service Agreement https://weixin.qq.com/cgi-bin/readtemplate?t=weixin_business_pay
  2. Document 2 Tenpay Agency Purchase Settlement Agreement https://pay.weixin.qq.com/static/protocol/tenpay_protocol.shtml
  3. Document Three Tenpay Service Agreement (Version 20220829) https://posts.tenpay.com/posts/3b020ca36008eb660046aad41d458236.html
  4. Document 4 QQ Wallet Payment User Service Agreement (version 20220829) https://posts.tenpay.com/posts/79550af26088c3c811aeaefc00787951.html
  5. Document 5 WeChat Payment User Service Agreement (Version 20220829) https://posts.tenpay.com/posts/cbddf0af6088c4080432b952163ea238.html

Interpretation Featured

1. The balance (including but not limited to WeChat payment change, QQ wallet balance) is not a deposit, but only the amount of the account.

It is mentioned in multiple documents: “The recorded balance of funds is different from your own bank deposits and is not protected by the Deposit Insurance Regulations. Value. Although the monetary funds corresponding to the prepaid value belong to you, they are not deposited in the bank in your own name, but in the name of Tenpay, and Tenpay will initiate a fund transfer instruction to the bank.”

2. Authentication trigger threshold (sensitivity)

  • You handle the business of recharging, receiving or paying a single amount of RMB 10,000 or more or a foreign currency equivalent of more than 1,000 US dollars;
  • The accumulative total amount of recharge, receipt and payment under all your WeChat Pay accounts within 30 days is more than RMB 50,000 or more than USD 10,000 in foreign currency;
  • The balance of all your WeChat Pay accounts exceeds RMB 5,000 or the equivalent of USD 1,000 in foreign currency for 10 consecutive days;
  • you use the service to buy or sell financial products or services;
  • The company believes that your identity information or related information is suspicious, or the transaction behavior or transaction situation is abnormal;
  • In other cases where the company deems that it should check or keep your identity document or other necessary documents.

simply put,

  • A single transaction of RMB 10,000 (or USD 1,000 in foreign currency)
  • Monthly turnover (including incoming and outgoing payments) of RMB 50,000 (or USD 10,000 in foreign currency)
  • The balance exceeds RMB 5,000 (or USD 1,000 in foreign currency) within 10 days
  • Those who buy and sell “financial” products (such as wealth management products)

It belongs to the threshold for explicitly triggering identity verification, “The company has the right to request to check your valid ID or other necessary documents in any of the following situations, and keep a scanned copy of your valid ID”

3. When using WeChat to pay, your nickname and avatar will be displayed on the payee’s bill, change details, small account book, etc., so that the payee can know the transaction information

4. When it comes to cross-border and foreign currency payment merchants, Tenpay will purchase foreign exchange from the bank in your name .

In the function of cross-border payment and purchasing foreign exchange on behalf of customers, “If you purchase overseas goods or services through this service, the company will settle the payment in RMB or foreign exchange to overseas merchants according to your payment instructions, or settle to overseas cooperative institutions in accordance with applicable overseas laws. Overseas merchants. If the company makes cross-border payments in foreign exchange, it involves purchasing corresponding foreign exchange from the company’s domestic partner bank in your name.”

At the same time: “Have the right to transfer your identity information (name, certificate type, certificate number, nationality), mobile phone number, account information (account opening bank and account number), transaction information (commodity name, quantity, transaction time, currency, amount) and other information to be provided to cooperative banks.”

5. In each calendar year, the total transaction amount of your cross-border payment offline transactions through the Tenpay service system will not exceed RMB 300,000 (300,000)

“You agree that your daily and annual limits for foreign exchange purchases and settlements at cooperative banks through the Tenpay service system shall comply with the provisions of foreign exchange-related laws, regulations, regulatory requirements and policies. You agree and warrant that within each calendar year, you pass The total transaction amount of cross-border payment offline transactions conducted by the Tenpay service system will not exceed three hundred thousand (300,000) yuan. If it exceeds the above amount, the company has the right to stop providing you with foreign exchange purchase and settlement services within the calendar year. You We promise not to use any illegal means such as splitting orders to circumvent the above limit.”

That is to say, for offline transactions, the annual limit in principle is RMB 300,000 (but it may not be enforced, but this amount is specially marked, indicating that it is a concern). In addition, many online merchants actually use offline channels secretly. The offline channel exchange rate is close to the UnionPay exchange rate, while the online channel is much higher, you can compare with the UnionPay exchange rate.

6. In principle, foreign card users need to provide your real name, ID type and number, validity period of the certificate, wild card number, gender, nationality, contact information, occupation, address, and need to submit ID photos and ID cards. My photo

“According to the applicable laws, regulations and regulatory requirements related to payment and anti-money laundering, you need to provide your personal information as follows, including: your real name, ID type and number, validity period of the certificate, wild card number, gender, nationality, contact method, occupation, address, and need to submit a photo of your ID card and a photo of yourself holding an ID card. According to applicable anti-money laundering and sanctions-related laws, regulations and regulatory requirements, and the company’s anti-money laundering and sanctions compliance requirements, we may need to depending on specific circumstances. Collect your foreign card account bank, date of birth, company you are currently working for, industry, source of funds, purpose of opening an account, etc., in order to complete anti-money laundering and sanctions verification.”

7. List of WeChat cross-border cooperative banks

Cross-border transactions involving foreign exchange purchase https://pay.weixin.qq.com/static_en/home/cooperate_bank.shtml

Foreign exchange business cooperative banks: Industrial and Commercial Bank of China, Bank of China

RMB business cooperative banks: Industrial and Commercial Bank of China, China CITIC Bank

Foreign card payment cooperative bank (in the service agreement): Bank of East Asia (China) Co., Ltd.

8. Among foreign card users, you should provide your name, photo of yourself holding an ID card, a photo of the foreign card, and bank card bill details , and you may be required to provide other personal information depending on the specific situation in order to verify the authenticity and legitimacy of the relevant transaction. Verify.

9. WeChat will provide your card number, validity period and security code to the partner bank for card verification (that is, the earliest verification gold test). Subsequent consumption does not require a security code (it should be a Token token, and WeChat is a 2D channel) )

“In order to provide you with this service, the company and the domestic and overseas card partner banks need to verify your foreign card information with your foreign card account bank to ensure that you are the true holder of the foreign card. Provide your foreign card number, CVV code, validity period and transaction amount to the company’s domestic and foreign card cooperative bank, and the foreign card cooperative bank will transmit it across the border to the international card organization, and then send it to you through the international card organization. The foreign card opening bank verifies whether your foreign card information matches. You can use this service only after the aforementioned information has been verified by your foreign card opening bank.”

“In order to provide you with this service, we will provide your foreign card number, validity period and transaction amount to the domestic and foreign card cooperative banks, so as to provide payment and settlement services for your foreign card transactions.”

10. Wechat foreign card transactions will record your transaction order number, transaction amount, transaction time, transaction IP address , transaction commodity information and other information

“In order to provide you with this service, the domestic and foreign card cooperative banks and your foreign card account bank may require the company to provide your the foreign card transaction information (transaction number, transaction amount, transaction time, transaction IP address, transaction commodity information, etc.) Provide your foreign card transaction information to the foreign card account bank, otherwise the above-mentioned relevant parties will not be able to provide you with transaction settlement related to this service, thus making the company unable to provide you with this service.”

11. It may be frozen if not used for half a year

“If you have no transaction record within 6 months from the date of account opening, the company has the right to suspend the provision of this service to you, and the service can be resumed after re-verification of your identity”

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