WeChat Pay operator Tencent is working with China UnionPay on the adoption of a common QR code that will allow merchants to use the same code to accept payments from both companies’ mobile payment services, Caixin Global reports.
“The change would, for example, allow a merchant to accept payment from one customer using WeChat Pay and another using UnionPay’s QuickPass, by presenting both with the same scannable code,” according to the report. “Currently, merchants in most places have to offer different codes for each payment service.”
“Tencent and UnionPay, which runs the country’s bank card monopoly, have begun testing the integrated QR code system on Android devices in Fuzhou, East China’s Fujian province, sources familiar with the matter confirmed with Caixin.”
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
