Big news! Wechat, UnionPay and bank apps can scan each others codes in the future!

 Big news! Wechat, UnionPay and bank apps can scan each others codes in the future!

In addition, the 21st century economic news reporter learned that the Internet Federation is also promoting cross agency code scanning payment.

At present, UnionPay and TenPay have fully connected the UnionPay QR code network and wechat payment network. From now on, the payment function of scanning wechat face-to-face QR code between cloud flash payment app and bank apps of ICBC, ABC, BOC and CCB will be expanded from pilot areas to more areas, and finally realize comprehensive mutual scanning and mutual recognition of transfer, consumption and other scenarios nationwide.

At that time, on the basis of the original experience and process unchanged, users can scan wechat merchant code through applications such as cloud flash app or show wechat merchants payment code in applications such as cloud flash app to complete payment. Merchants can accept more payment tools without system transformation.

Since last year, regulators and the industry have been pushing to speed up the establishment of interoperability standards for bar code payment, so that Alipay and WeChat can pay for the three party payment and the development of two-dimensional codes such as UnionPay.

The financial technology development plan (2019-2021) released by the central bank in September last year clearly stated: promote the interconnection of bar code payment, study and formulate the technical standards of bar code payment interconnection, unify the bar code payment coding rules, build the bar code payment interconnection technical system, break through the bar code payment service barriers, and realize the mutual recognition and scanning of bar code identifications of different apps and merchants

Earlier, Li Wei, director of the science and Technology Department of the peoples Bank of China, wrote that we should make rational use of financial technology to improve the quality and efficiency of financial services. We will organize commercial banks, Payment institutions, China UnionPay, China Netcom, etc. to steadily carry out the verification and application pilot of barcode payment interconnection technology, gradually break through the barriers to payment services, and provide people with more secure and convenient payment services.

Subsequently, the central bank also issued the central banks guidance on barcode payment interconnection. UnionPay realizes mutual scanning and mutual recognition with wechat payment barcodes.

Bar code payment has only developed in China for a few years, but it has changed peoples payment habits. Among them, the Alipay under the ants golden clothing and Tencents fortune Fu Tong are the top two in the mobile payment field, occupying most of the market share.

In July 2011, Ali added the two-dimensional code payment option to Alipay App. In August 2013, Tencent wechat QR code payment went online. By 2016, the peoples Bank of China had solicited opinions on the barcode payment business specification, and the two-dimensional code payment was officially recognized.

Mobile payment is still developing rapidly. According to the data of the central bank, in the third quarter of 2019, the bank handled 27.274 billion mobile payment businesses, with an amount of 86.11 trillion yuan, up 61.05% and 31.52% year on year respectively. Non bank payment institutions handled 13.19 trillion online payment businesses, with an amount of 63.99 trillion yuan, up 37.01% and 23.04% respectively year on year.

Source: responsible editor of 21st century economic report: Wang Honggui