![]() QR code is a machine-readable code typically used for storing URLs or other information for reading by the camera on a smartphone. ![]() is also testing collaboration with QuickPass by allowing users to scan each other’s QR codes.īut industry experts said the mutual scanning and recognition between QR codes does not equal real interconnection between different payment services, because each service still uses its own QR code system. WeChat Pay has previously connected with mobile banking apps of a number of banks, including China Construction Bank, Bank of China, Bank of Communications, Ping An Bank and Citic Bank.Ĭaixin learned that Alibaba Group Holding Ltd. QuickPass payment now supports some Tencent services, such as its music and video streaming apps, as well as WeChat mini-programs for WeChat Read, JD.com, and Luckin Coffee, Tencent said. The collaboration enables QuickPass users to make payments by scanning WeChat Pay QR codes offline, and for WeChat Pay users to do the same with QuickPass codes in provincial capitals across the country. ![]() UnionPay’s QuickPass is accepted at 25 million POS terminals, including more than 7 million POS terminals in 82 countries and regions outside mainland China. It is widely used by Chinese shoppers internationally as well as domestically. UnionPay is the world’s biggest card network with more than 9 billion cards issued. Tencent announced Thursday that WeChat Pay is accessible by Cloud QuickPass, the mobile payment service of state-backed UnionPay. Now the use of WeChat Pay is further expanded. To exchange cash into e-CNY, users will have to move money from one of the commercial banks authorized by the PBOC to operate and circulate the digital currency, including digital-only banks like Tencent-backed WeBank and Ant-backed MyBank.In China, people can just tap their smartphones to pay for almost anything from restaurants to subway rides through WeChat Pay, a mobile payment service provided by Tencent Holdings Ltd., owner of popular messaging app WeChat with over 1.25 billion monthly active users. Though the e-CNY wallet is now downloadable in the Chinese app stores, only users in a list of pilot cities and at the upcoming Winter Olympics venue can actually sign up, top up their accounts and spend the virtual currency at one of the 8 million “pilot scenarios,” such as making purchases on Alibaba and paying Didi rides. echo the international initiative and explore the improvement of cross-border payment.support fair competition, efficiency and safety of retail payment services and. ![]()
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