September 14 news from IT House Alipay App’s”Balance” function has recently begun to be fully upgraded, prompting to upgrade payment services and enjoy higher payment limits.

IT Home learned that Alipay stated that according to regulatory requirements, personal account balance payments have an annual cumulative limit, and it is recommended that users upgrade their payment services. After the upgrade, a Internet Merchant Bank account will be opened for you, and the balance will be automatically transferred to the account and can be used as usual.

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IT Home learned that when the user upgrades, when the Alipay balance payment limit reaches the upper limit, in some specific non-transaction scenarios (such as transfer to card, transfer to account , Living payment, etc.) available balance to continue to pay.

In 2016, the People’s Bank of China established a classification management mechanism for personal payment accounts. Payment accounts are similar to bank accounts. They are also divided into three categories according to the identity information verification method and risk level of the applicant for opening an account, but different from banks, category III accounts are the most powerful among payment accounts. In addition to consumption and transfer, the balance of Class III accounts can also be used to purchase investment and wealth management products. The maximum annual payment limit is 200,000 yuan.

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After the Alipay balance is upgraded, the online merchant bank will open a corresponding type II bank account for the user, and the available balance of the payment account will be transferred to the online merchant bank account. This part of the funds Can enjoy bank demand income. At this time, the amount on the Alipay balance page will be the total amount of the original payment account balance and the two sub-accounts of the online merchant bank account.

After doing this, the Alipay balance was opened to the online merchant’s bank account, breaking the”balance” payment limit of 200,000 yuan. At this time, the”balance” is essentially a bank account, and it follows the relevant rules of bank card account payment.

After opening the Alipay”Balance” service upgrade, if you want to close it, you can click”…” in the upper right corner of the”Balance” page and select”Payment Service Upgrade Inquiry”-“Close Service”.