What is the flow of the entire funds after the card is swiped?
After the cardholder swipes the card, the money first enters the UnionPay Reserve Account. As long as the licensed payment company has a backup account in UnionPay, this account is supervised by the central bank and is earmarked, and each licensed payment company pays With a deposit of 100 million, you can ensure the safety of everyone. On the second working day, UnionPay will pay the settlement account of each POS machine under the instruction of the payment company.
Why do you need a second business day to get the account? Mainly for the purpose of risk control, if someone is doing a fake card or doing a pos machine to engage in illegal activities, if there is a day of risk pre-existing period. The wind control personnel have time to find out the problem funds, can freeze, if it is T0 to the account, there is no way to control the wind. Due to the popularity of the T0 machine, the situation of the fake card is now rampant. Now UnionPay has issued documents. From December onwards, new merchants will have to use it for 3 months before they can open real-time accounts.
Financial products must understand the whole context to be safe to use, and use state-regulated products to protect your funds.