Caixin Media October 10th News (Reporters Peng Kefeng, Guo Zishuo) Another major commercial bank has raised its quick payment transaction limit.

Recently, cm bank stated on its official website that starting from October 10th, the bank's debit card quick payment transaction limit in Alipay consumer scenarios has been increased to 0.2 million yuan per day and 0.2 million yuan per transaction. Transaction limits for wealth management, transfers, and other scenarios will remain at the current 0.05 million yuan per day and 0.05 million yuan per transaction.

Caixin Media reporters found that following postal savings bank, this is the second large national commercial bank to announce adjustments to quick payment transaction limits in consumer scenarios in the second half of this year, with significantly higher daily and per transaction limits.

On July 18th, postal savings bank of China announced on its official website that, in order to enhance customer experience, the bank has decided to adjust the quick payment transaction limits for its debit cards in Tenpay as follows starting from midnight on July 18, 2024: a single transaction of 0.04 million yuan, a daily transaction of 0.08 million yuan, and a monthly cumulative limit of 0.6 million yuan. In wealth management scenarios, the debit card quick payment transaction limits are adjusted to: a single transaction of 0.3 million yuan, a daily cumulative of 0.3 million yuan, and a monthly cumulative of 0.6 million yuan. Please make appropriate arrangements according to your needs in advance.

"For a period of time, affected by factors such as card suspension actions, the transaction limits for bank cards in Alipay, Caifutong, and other quick payment methods have been continuously reduced. Currently, it is possible that banks are raising the transaction limits in this scenario to promote consumption and economic recovery." A person from a leading third-party payment institution told Caixin Media reporters that the adjustment of the transaction limits for debit cards in Alipay or Caifutong consumer scenarios is controlled by the banks. In addition, each bank has different transaction limits, and there will be communication between banks and third-party payment companies.

Broadcom's chief analyst in the financial industry, Wang Pengbo, told Caixin Media reporters that raising the quick payment transaction limits for debit cards in Alipay consumer scenarios is to attract more users and facilitate payments in high-value consumer scenarios. This way, funds flow more frequently, which helps increase user stickiness.

cm bank raises some transaction limits for debit cards effective immediately.

Cm Bank recently announced on its official website that, in order to enhance customers' payment experience, the bank has decided to increase the daily and single transaction limits for debit cards in Alipay consumption scenarios to 0.2 million yuan and 0.2 million yuan respectively, starting from October 10, 2024. The transaction limits for wealth management, transfers, and other scenarios will continue to maintain the current daily and single transaction limits of 0.05 million yuan. Please refer to the actual display on Alipay for specific limits at the time of payment.

Why did Cm Bank only adjust the quick transaction limits in consumption scenarios? Will there be any further adjustments in the future? Today, reporters from Today's Financial News contacted Cm Bank multiple times, but as of the time of publication, no formal response has been received.

Many years ago, major state-owned banks once made concentrated adjustments to the quick payment limits on Alipay. According to information at the time, the restricted limit was once 0.01 million yuan per transaction. After adjustments, the current single transaction limits for quick payments in state-owned banks such as Bank of China, Industrial and Commercial Bank of China, China Construction Bank, and Agricultural Bank of China are 0.05 million, 0.03 million, and vary.

Postal savings bank of China made adjustments earlier this year, Ping An Bank also had similar actions before the New Year.

According to reporters from Today's Financial News, this is the second large national commercial bank to announce adjustments to quick transaction payment limits since the second half of this year.

On July 18th, postal savings bank of China announced on its official website that, in order to enhance customer experience, the bank has decided to adjust the quick payment transaction limits for its debit cards in Tenpay as follows starting from midnight on July 18, 2024: a single transaction of 0.04 million yuan, a daily transaction of 0.08 million yuan, and a monthly cumulative limit of 0.6 million yuan. In wealth management scenarios, the debit card quick payment transaction limits are adjusted to: a single transaction of 0.3 million yuan, a daily cumulative of 0.3 million yuan, and a monthly cumulative of 0.6 million yuan. Please make appropriate arrangements according to your needs in advance.

In comparison, the adjustments to transaction limits made by two major national banks in the second half of the year are not consistent: postal savings bank of China targeted Tenpay under the Tencent umbrella, while Cm Bank targeted Alipay under the Alibaba umbrella. Furthermore, the amounts differ, with Cm Bank significantly raising the daily limit.

Additionally, in recent times, other large national commercial banks taking similar actions include Ping An Bank. On November 24th of last year, Ping An Bank announced on its official website that, in order to enhance customer payment experience, the bank decided to increase the quick payment transaction limits for its debit cards in Tenpay, excluding the wealth management scenario, to 0.1 million yuan per day and per single transaction starting from December 14, 2023. The quick payment transaction limits for wealth management scenarios will continue to maintain the current limits of 0.05 million yuan per day and per single transaction. The adjustment path for quick payment limits for Tenpay debit cards is as follows: Ping An Pocket Bank APP - My - Upper right corner Settings - Payment Management - Quick Payment - Bound - WeChat Payment - Management.

Today, based on various official bank websites and public searches, Caixin reporters have not found any other national large commercial banks that have announced adjustments to the quick payment limits this year.

Within the year, many small and medium-sized banks have lowered the transaction limits for non-counter channel payments.

It is worth noting that according to publicly available information, many small and medium-sized banks have lowered the transaction limits for non-counter channel payments within the year. The definition of non-counter channels refers to services not conducted at bank counters, including but not limited to online banking, mobile banking, gateway payments, quick payments, point of sale terminals (POS), automated teller machines (ATMs), and other transactions. In comparison to this announcement by CM Bank and Postal Savings Bank of China, many other banks are taking the opposite approach.

According to public information, just since July of this year, over ten banks from Zhejiang, Shandong, Shanxi, Hebei, Liaoning, Guizhou, and other regions have announced the reduction of transaction limits for some customers using non-counter channels. For example, the Changzhou branch of Bank of Jiangsu announced the adjustment of non-counter payment limits for individual settlement accounts.

In addition, local branches of large commercial banks have also taken similar actions. For instance, on July 5th, Bank of China's Dalian branch also issued an announcement to dynamically adjust the non-counter channel business limits for individual settlement accounts, involving account payments initiated through online banking, mobile banking, gateway payments, and quick payments.

Furthermore, Hua Xia Bank's Nanning branch also announced the adjustment of non-counter payment limits for individual settlement accounts. The explanation given was that reducing transaction limits for non-counter channels is a requirement to strengthen the fight against and control illegal activities related to telecommunication network fraud.

An analyst from a certain brokerage bank told Caixin reporters that the practice of increasing quick transaction limits by some national large commercial banks should be based on their own operational advantages and the use of big data for customer payments to make autonomous decisions, which helps to enhance the cardholder experience and better meet customer needs. As for the practice of reducing transaction limits for non-counter channel payments by some small and medium-sized banks, it is mainly related to the revised version of the anti-money laundering law that was consulted on starting from May. The latter further emphasizes the bank's responsibility. The two are not entirely consistent. However, how to better improve user experience on the basis of risk prevention and control is still the main focus that commercial banks need to consider.