Shanghai remittance and payment reserve refers to the user's pre-deposit of the paid money into the account of Shanghai remittance, a third-party payment institution. After the user confirms the payment, this part of the money will be remitted to the merchant's account.
However, at the end of 20 18, the Payment and Settlement Department of the People's Bank of China issued the Notice on the Work Related to the Cancellation of RMB Customer Reserve Accounts by Payment Institutions, which stipulated that payment institutions should cancel RMB customer reserve accounts before 20 19 14, except for accounts that can be reserved. At present, except for some designated accounts, the gold reserve of this payment institution has been revoked.