Tencent and UnionPay integrate QR code systems

Tencent and state-owned China UnionPay are integrating their QR code systems for mobile payments, according to local media reports.

  7 Be the first to comment

Tencent and UnionPay integrate QR code systems

Editorial

This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community.

The move will let Tencent WeChat Pay and UnionPay Quickpass users transfer and spend money using the same QR codes. Currently, merchants and consumers need different QR codes for different operators.

According to Chinese media outlet Caixin, the unified QR code system is being trialled in Fuzhou city. The two firms are also working together on facial-recognition-based payments.

The partnership is likely to help central bank-baked UnionPay gain a bigger slice of a massive Chinese mobile payments market dominated by Tencent's WeChat Pay and rival Ant Financial's Alipay - which is not involved in the integration effort.

Sponsored [Impact Study] 2024 Fraud Trends in Banking, Insurance, and Beyond

Comments: (0)

[Webinar] 2025 Fraud Trends: Synthetic Identity, AI and Incoming MandatesFinextra Promoted[Webinar] 2025 Fraud Trends: Synthetic Identity, AI and Incoming Mandates