According to the official website of China UnionPay on June 19th, under the guidance of the People’s Bank of China, all parties in China UnionPay joint industry continue to promote the universal use of various payment tools in various scenarios, and build a convenient, inclusive and inclusive payment ecosystem. Recently,UnionPay network welcomes the full access to the WeChat payment receipt code scene, and promotes the interconnection of bar code payment to make new progress.To provide more payment options and better payment experience for consumers at home and abroad.
In June, 2024, with the opening of the payment code of WeChat payment operation, all kinds of payment codes of WeChat payment were opened to the whole scene of UnionPay network. At present, in the "main scanning" scene of various payment codes on WeChat, users can realize code scanning payment by opening China Unionpay Quick Pass APP. At the same time, UnionPay joined forces with major commercial banks to launch the activity of "Sweeping the WeChat payment code without stopping", and users can enjoy the discount by scanning the WeChat payment code with China Unionpay Quick Pass APP.
China UnionPay said,Payment is rooted in the needs of people’s livelihood and the foundation of finance. The interconnection of bar code payment will further play its positive role in prospering the market economy and facilitating the lives of ordinary people. The open cooperation between UnionPay and Tenpay WeChat Payment is another achievement of the interconnection of bar code payment, and it is also the embodiment of the institutions’ positive and open attitude and continuous deepening of interconnection.China UnionPay will continue to play the pivotal and coordinating role of the card organization, continue to promote open cooperation with all parties in the industry such as Tenpay and Alipay, and use every payment to help users live a better and happier life.
According to the China Fund, in September 2021, Tencent WeChat Pay and UnionPay China Unionpay Quick Pass issued a statement on deepening payment cooperation and interconnection, saying that in order to promote the development of the payment service market, Tencent WeChat Pay is promoting deeper interconnection with UnionPay China Unionpay Quick Pass in terms of payment and service, based on user transaction security and reliable cooperation. At present, the relevant progress is as follows:
1. Payment interworking
Wechat Payment has officially realized mutual recognition and mutual scanning of offline barcodes with UnionPay China Unionpay Quick Pass App, and users can complete the payment by scanning the WeChat receipt code through China Unionpay Quick Pass App in the capital cities of the country;
2. Service interworking
China Unionpay Quick Pass App fully supports the recharge service of Q coins, QQ music and Tencent video;
Wechat applet gradually supports China Unionpay Quick Pass payment. The first batch of online applications include some scenes of WeChat reading, Tencent video, Cat’s Eye, JD.COM, BBK, Ruixing and other applets. The gray scale test of this capability was started on September 22nd.
Tencent WeChat Payment and UnionPay China Unionpay Quick Pass have conducted long-term open cooperation and exploration, laying a solid foundation for accelerating the deepening of interconnection. Previously, the two sides jointly promoted the cooperation between Tenpay, UnionPay and CCB, BOC, Bank of Communications, Ping An, CITIC and other banks, and realized the payment function of scanning the WeChat receipt code by the mobile banking App.
Next, WeChat Payment will continue to adhere to an open attitude, take safety as the bottom line, actively expand more payment cooperation scenarios, provide users with safer and more convenient payment services, and help promote the high-quality development of the payment industry.
According to the official micro-signal of WeChat on November 10th, 2023, WeChat Pay announced that it has completed the interconnection with the payment platforms of China Mobile, China Telecom and China Unicom.
Users can complete the payment by scanning the personal payment code of WeChat payment through China Mobile "Bao App", China Telecom "Wing Payment App" and China Unicom "Wo Wallet App". This means that the payment users of the three major domestic communication operators can enjoy a more convenient payment experience.
▲ China Mobile "and Bao App"
▲ China Telecom "Wing Payment App"
▲ China Unicom "Wo Wallet App"
It is understood that the interconnection of barcode payment between Wing Payment and WeChat Payment was realized through the support of the network link channel. Subsequent parties will continue to explore and steadily promote the open cooperation of more scenarios on the basis of relevant pilot experience.
According to the official news of WeChat payment on July 20th, 2023, the service of WeChat payment for foreign cards has been upgraded in an all-round way. At present, overseas users can use WeChat payment to bind international bank cards, and most merchants in the domestic fields including catering, transportation, wine travel and supermarkets can use mobile payment. At the same time, foreign card users can also use a variety of payment methods, such as scanned code and scanned code, small program payment, confidential withholding, in-app payment and so on.
According to China Economic Net, recently, JD Finance, wallets owned by three major communication operators and other apps have realized the interconnection of commercial receipt codes with WeChat Pay.
This is a new progress in the interconnection of payment industry after WeChat payment realized personal code interoperability with China Mobile "Bao APP", China Telecom "Wing Payment APP" and China Unicom "Wo Wallet APP" last year.
After this payment interconnection, users can directly use Jingdong Financial APP and wallet apps of China Mobile, China Telecom and China Unicom to scan WeChat payment merchant code and personal code for payment.
Wang Pengbo, a senior analyst of Broadcom Consulting’s financial industry, said that after payment interconnection, consumers can use multiple payment apps to scan the same code card for payment, and the convenience is obviously improved. The cooperation between WeChat payment and apps such as Jingdong Payment and wallets of three major communication operators is an important node in the process of promoting interconnection in the payment industry, which will play an exemplary role in the interconnection of bar codes between payment institutions, especially between platforms.
At present, China’s mobile payment penetration rate has reached 86%, leading the world. By the end of 2023, there were 185 non-bank payment institutions in China, with an annual transaction volume of over 1 trillion transactions and an amount of nearly 400 trillion yuan. These payment institutions played an important role in improving transaction efficiency, reducing transaction costs and promoting financial inclusion.
Dong Ximiao, chief researcher of Zhaolian, said that payment is the starting point of financial business and the foundation of economic activities. Interconnection in the payment field is not only conducive to building a unified national market, but also an important embodiment of serving the real economy and practicing the concept of paying for the people. Payment interconnection helps to protect consumers’ right to choose, enhance consumers’ experience and promote the high-quality development of digital economy and digital finance.
In recent years, WeChat Pay has continued to promote openness and interoperability with various institutions in multiple scenarios. At present, it has supported nearly 30 banks, including industry, agriculture, China, construction, communications and postal services, as well as barcode payment interoperability with many institutions such as China Unionpay Quick Pass, China Mobile, China Telecom, Wing Pay and China Unicom.Users can complete the payment by scanning the WeChat payment receipt code using the above-mentioned institutional App.
In addition, WeChat continues to support the application of digital RMB in various scenarios. At present, WeChat users can open "WeChat Pay" under the wallet quick payment function in the digital RMB APP, and choose to push the wallet of any operating organization, such as Weizhong Bank (WeChat Pay), so that they can use digital RMB to conduct transactions in businesses that support digital RMB in video number and applet scenarios; And in Chengdu, Zhejiang area to carry out bar code interoperability pilot, to do a good job in the service guarantee of important international events.
