33 Reserve funds refer to the monetary funds actually received in advance and to be paid by non-bank payment institutions or banks for handling payment services entrusted by customers. According to the management regulations of the People's Bank of China, no unit or individual may misappropriate, occupy, or borrow reserve funds, or provide guarantee with reserve funds.

Related concepts of reserves:

The centralized depository account for reserves refers to an account opened by a non-bank payment institution at the People's Bank of China to specifically store customer reserves. .

Specific business pending settlement funds refer to funds that have been paid from the reserve fund centralized depository account when non-bank payment institutions handle specific businesses such as cross-border RMB payment, fund sales payment, and cross-border foreign exchange payment for customers. Or unpaid funds that have not yet been collected into the centralized reserve deposit account.

Specific business banks refer to commercial banks with relevant business qualifications that provide non-bank payment institutions with services such as the custody of funds to be settled for specific businesses.

Special deposit accounts for funds to be settled for specific businesses refer to accounts opened by non-bank payment institutions in banks for specific businesses to specifically store funds to be settled for specific businesses.

A reserve bank refers to a reserve bank that meets relevant requirements, signs an agreement with a non-bank payment institution, opens a special deposit account for prepaid card reserve funds for the non-bank payment institution, and provides customer reserve fund custody. Services of commercial banks.

The special deposit account for prepaid card reserves refers to an account opened by a non-bank payment institution in a reserve bank to specifically store customer reserves for the purpose of carrying out the issuance and acceptance of prepaid cards.

The reserve account, the reserve centralized depository account and the prepaid card reserve special deposit account are collectively referred to as the reserve account.

The reserve fund supervisory agency refers to the clearing agency that complies with relevant regulations and is responsible for collecting, checking and supervising the reserve fund information of all customers of non-bank payment institutions.

What is Tenpay reserve fund?

When using Tenpay to pay, the user’s money will first be transferred into the bank account opened by Tenpay. This account is what we often call a reserve account, and the money in the account will be It is called a reserve fund.

The Tenpay reserve fund is based on the amount to be paid. This amount will only be used for payment after the settlement is completed, and will not be paid to the merchant in a timely manner. This form is mostly used in online shopping. The buyer only pays the merchant after confirming receipt of the goods. Otherwise, paying the merchant before receiving the money will easily cause losses to the buyer.

Only after the transaction is completed and cleared, the reserve fund will be paid to the merchant. In this way, as a third-party account, Tenpay can ensure the safety of funds during the transaction and avoid the problem of being unable to refund due to disputes.