How Do I Cancel a Direct Debit?

Small-value secret-free and visa-free payment means that small payments can be completed without a password and consumer signature. Internationally, small-value secret-free and visa-free is a mature payment method, and it is also widely used in the domestic mobile payment field. Payment tools such as Alipay and WeChat all have this function ^[1] , which is the basic function of bank cards by default.

Secret payment

On April 2, 2015, Huami Technology, the Xiaomi eco-chain enterprise and the creator of the Xiaomi bracelet, announced a strategic cooperation with Alipay to jointly create a new generation of mobile payment solutions based on wearable devices, providing users with more secure and convenient Payment experience.

Starting from June 1, 2018, the single limit of UnionPay's small-scale secret-free and visa-free payment service was raised from the previous 300 yuan to 1,000 yuan. ^[2]

Alipay's "Payment Code" function is turned on by default, and there is no need to verify the payment password. Each order less than or equal to 1,000 yuan can be "secret-free payment".

The WeChat payment user service agreement also states that when using a payment code to pay for purchases of less than 1,000 yuan (3,000 yuan for specific merchants), "secret-free payment" transactions can be used. ^[4]

Dong Ximiao, a senior researcher at the Chongyang Institute of Finance of Renmin University of China, believes that the security factor of UnionPay's small-scale secret-free and visa-free is very high. It uses many advanced security technologies to effectively control risks, and security and convenience can be better balanced. Originally, the mobile payment products provided by UnionPay and banks considered more security and sacrificed convenience. Now that the amount can be increased, security and convenience can be better balanced.

A payment industry expert also said that for consumers, whether it is Alipay or WeChat, there are similar fast payment functions. As long as risk prevention and control measures are in place, they can be used with confidence. ^[5]

1. When paying for the goods, if you find the terms and options such as "I agree" and "Authorization" on the page, please browse carefully and do not easily authorize functions such as "secret-free payment".

2. When setting up "secret-free payment", users must also consider the frequency and amount of consumption on the platform. For those platforms that are used less frequently or the average consumption amount is higher, users should not open the secret-free payment.

3. Users should avoid using birthdays, mobile phone numbers, etc. as passwords to avoid being used by criminals.

4. When the "secret-free payment" is activated, the user must set a monthly limit or a single payment limit for the secret-free payment to prevent the loss from expanding. ^[6]

UnionPay has set up special compensations for cardholders and provided 72-hour card loss protection services. In other words, UnionPay cards (including "cloud flash payment") within 1,000 yuan of small amount of secret-free and visa-free transactions, because the card is lost or stolen, cardholders can be paid for stolen consumption within 72 hours before reporting the loss. Each cardholder can accumulate up to 30,000 yuan per year. ^[5]

The specific implementation is: when the user's

Regarding non-secret payment, there may be hidden security risks in two links: the loss of the bracelet and the transmission process.

Regarding the loss of the bracelet, the Xiaomi bracelet team said that each Xiaomi bracelet corresponds to a unique identity code. When connected to a mobile phone, Alipay wallet will recognize whether the bracelet code matches the bound account. Secret payment function. And before the original account is unbound, the bracelet cannot be bound to the new account, so there is no need to worry about the bracelet being lost or borrowed.

In the process of Bluetooth transmission between the bracelet and the mobile phone, the payment data is transmitted using multiple layers of encrypted channels, and each authentication data is randomly generated by the server. There is no sensitive information in the data, which can be used with confidence. ^[9]

In June 2018, the Xinhua News Agency broadcasted the manuscripts such as "Since being opened silently, I can only recognize-bank card small amount secret-free and visa-free payment function is opened by default survey" and other manuscripts, regarding the bank card "small amount secret-free and visa-free" function Reporting is turned on by default. After the report was broadcast, public opinion was very concerned about this issue. Netizens and experts and scholars in the industry have demanded that the right of informed choice be returned to the user, and at the same time stop the "open by default" behavior that infringes the user's right to choose. ^[12]

Dong Ximiao, a senior researcher at the Chongyang Institute of Finance of Renmin University of China, believes that the safety factor of the small double exemption business is very high. Many advanced security technologies are used to better balance security and convenience. ^[16]

Professor Xing Huiqiang of the Law School of Central University of Finance and Economics believes that an appropriate balance should be struck between efficiency and security. China UnionPay has introduced a compensation plan for full compensation, which has reduced the risk of cardholders to a certain extent. ^[17]