CNBC AI News – July 24th – China’s mobile payments landscape is evolving as WeChat Pay’s QR codes are now officially integrated into the UnionPay’s Cloud QuickPass (Yunshanfu) system, according to an announcement on Yunshanfu’s official WeChat account.
This interoperability allows users to make payments using the Cloud QuickPass app directly by scanning WeChat Pay’s merchant and personal QR codes, streamlining the payment process regardless of the platform origin.
Transaction records are conveniently displayed within the Cloud QuickPass app, simplifying expense tracking and management.
China UnionPay had previously announced the integration of WeChat Pay QR code scenarios into its network last month, indicating a move towards greater interconnectivity within the digital payments ecosystem.
While users initially reported limited availability, the feature is now fully operational across the network.
China UnionPay stated that this integration of barcode payment systems is designed to enhance convenience for consumers. The company plans to continue its collaborative efforts with other industry players, including Tenpay (WeChat Pay) and Alipay, to promote further accessibility.
According to UnionPay, Cloud QuickPass boasts a user base exceeding 500 million registered users.
The Cloud QuickPass app represents a strategic mobile payment product developed collaboratively by various commercial banks, industry stakeholders, and China UnionPay. It enables users to link and manage multiple bank accounts and access a range of mobile payment services, including QR code payments, cardless payments, and fund transfers.
A key differentiator for Cloud QuickPass is its fee-free policy for transactions and credit card repayments, attracting a substantial user base sensitive to transaction costs.
Furthermore, WeChat Pay, Alipay, and various e-commerce platforms now support redirects to Cloud QuickPass for payment, expanding its reach and versatility within the Chinese digital economy.
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