(Yicai Global) Nov. 29 -- Chinese regulators’ upcoming ban on the use of personal payment Quick Response codes by businesses from March next year has raised concern among the public that this new rule will affect small traders such as hawkers who do not have a business license. Some experts are calling for the threshold in identifying a business operation to be raised.

Mobile payment institutions shall not provide services through personal payment accounts that have “obvious characteristics of business activities” from March next year, the People’s Bank of China said on Oct. 14.

“Obvious business characteristics” was determined then as at least 10 transactions a day amounting to between CNY100 (USD15) and CNY200. But this should be raised to between CNY1,500 and CNY2,000 a day to protect merchants such as street vendors who do not have a business license, an industry insider said.

Tencent Holdings’ WeChat and Ant’s Alipay are China’s biggest QR payment providers with a combined market share of more than 90 percent. It costs businesses money to withdraw cash on these platforms, but for individuals it is free. Alipay, for instance, charges businesses a 0.6 percent cash withdrawal service fee.

Consumers’ daily payment experience will not be affected, the PBOC said on Oct. 27.

Editor: Kim Taylor