China back-pedals on plan to ban personal QR codes for business payment receipts after backlash

Feb 23, 2022 | INVESTING

China has back-pedalled on a plan to ban merchants from using personal QR codes to receive payments, maintaining the status quo in which millions of street vendors, small businesses and even beggars rely on the simple scanning of a bar code to receive money.It marked a rare retreat by the People’s Bank of China over its control of Alipay and WeChat Pay, which jointly control over 90 per cent of the country’s mobile payments market, after the proposed ban on using personal QR codes to receive…

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