Alipay withdrawal will charge 20,000 basic free credit per person

Alipay announced today that from October 12, a service fee of 0.
1% will be charged for individual users who withdraw more than the free limit, and individual users will enjoy a cumulative free withdrawal limit
of 20,000 yuan per person.
After using up the basic free credit, users can redeem Ant Points for more free cash withdrawals
.

Alipay said that the final choice of withdrawal instead of charging for other links is because users pay with Alipay much more frequently than
withdrawals.
Users use Alipay more for various consumption, financial management, bill payment, credit card repayment, mobile phone recharge, etc.
, and the demand for cash withdrawal is relatively less
.
If you only charge for withdrawals, the impact on users will be much
smaller.

Each user has a cumulative basic free quota of 20,000

In March this year, WeChat began to charge a 0.
1% handling fee for user withdrawals, and each user enjoyed a cumulative free withdrawal limit
of 1,000 yuan.

According to reports, Alipay's withdrawal involves two functions
: "withdraw to my bank card" and "transfer to another person's bank card".
According to the adjusted rules, Alipay also charges a service fee of 0.
1% of the cash withdrawal amount for the part exceeding the free limit, and 0.
1 yuan for a single service fee of less than 0.
1 yuan
.
Alipay individual users can enjoy a cumulative free withdrawal limit
of 20,000 yuan.

The announcement shows that in addition to cash withdrawal, the use of Alipay for consumption, financial management, purchase insurance, mobile phone recharge, utility payment, registration, payment of traffic fines, use of mobile Alipay to transfer to Alipay account, repayment and other services are not affected in any way, users can also get ant points
for free.
After using up the free credit, the user's accumulated Ant Points can be redeemed for free withdrawal credit
.
Alipay introduced that the current exchange ratio is that 1 ant point can be exchanged for 1 yuan of free withdrawal quota, and there is no upper limit
.

The transfer out of Yuebao is not affected and is still free

In addition, for Yuebao, Alipay announced that the transfer of Yuebao funds, including transfer out to my bank card and transfer out to Alipay balance, will continue to be free
.
From October 12, 2016, users who newly transfer funds from the balance to Yuebao can only transfer back to the balance when transferring out, and cannot directly transfer them to the bank card
.
If users have money in their balance and are worried about being charged, transferring money to Yuebao now will be the best choice
.

The fee comes from "the rapid rise in comprehensive operating costs"

Alipay said in the announcement that the reason for the charge was "the rapid rise in comprehensive operating costs", and the adjustment of the withdrawal rules was to reduce some cost pressure
.

Previously, when WeChat announced the withdrawal fee, it also said that "it is not a move to pursue revenue, but to pay bank fees
.
" ”

Ma Huateng introduced the business model behind third-party payment at the National Two Sessions in March this year: the bank's money leaves the banking system and enters the third-party payment account, in fact, it is charged, and the transfer fee is about one thousandth, which is a big cost
for third-party payment.
According to Ma Huateng, even after accounting for the interest income that can be obtained by third-party payment platforms, WeChat's cost in January exceeded 300 million
.

Alipay said in the announcement that it is not an easy decision to charge for withdrawals beyond the free limit, and it does not mean that Alipay will make money as its only purpose
from now on.
"But all services need to be backed by sustainable resources and struggle to support them contrary to objective business laws
.
"