Name: [login to view URL]
[login to view URL] Pay has three major components:
2) P2P remittance
3) P2P broadcast remittance - grab red packet
There are 3 modes:
1) User scans QR Code of the merchant to pay. This mode of payment can be used for online shopping whether the website will pop up a QR Code for scanning or offline shopping where the merchant has a physical signboard with the QR Code. Some Internet connected POS (point of sale) system may also generate a QR Code. Physical QR Code signboard will need manual key in the amount while web and Internet connected POS generated QR Code will show you the amount to pay automatically.
2) Merchant scan user's QR Code. User may display its QR Code for [login to view URL] the [login to view URL]
3) Initiating [login to view URL] from another app
The recipient must also be a [login to view URL] user. P2P Remittance can be achieved in the message box just like sending a photo or a file or a smiley.
Red packet. There is no difference between P2P Remittance and red packet transfer save for the icon for red packet looks better.
P2P Broadcast Remittance
A [login to view URL] user can broadcast a red packet to a group of recipients. The system will break it up to random fractions of random size, for example, S$200 red packet may be broken down to one S$50, ten S$5 and fifty $2. The recipients will need to compete with one and another to grab the red packet. Whoever reacts faster has a higher chance of getting the bigger fractions. Slow reaction may end up getting nothing. This feature is the single reason why [login to view URL] Pay will be becomes popular.
Where the money come from?
Real money can be transferred to the [login to view URL] account wallet like in PayPal. [login to view URL] user can also linked his or her [login to view URL] account with an actual PRC bank account . When making a remittance or payment, the user will select either to pay from the [login to view URL] wallet or from the bank account.
[login to view URL] Wallet
The user may transfer money in [login to view URL] wallet to a linked PRC bank account. Admin charge is 0.1%. DBBL cannot be doing all these for free.
PRC Bank Account
One would need a a PRC bank account with a ATM card or credit card to be able to link to [login to view URL] pay. Unless one receive remittance from another user, he or she will need a PRC bank account to transfer money to [login to view URL] wallet.
[login to view URL] Pay use the PRC bank account as a KYC mechanism. Under PRC laws, all payment accounts without going through KYC will have a maximum pay out limit of Rmb 1,000 (per lifetime). Under PRC laws, all such payment accounts without enhanced KYC will have a limit of Rmb 100,000 per year. Since [login to view URL] Pay does not support enhanced KYC, Rmb 100,000 per year is the maximum legal limit an user can transfer money out.
The Merchants platform offered by DBBL has other features at the cost of 0.6% admin fee.