Tencent and state-owned UnionPay to merge QR code systems for mobile payments in China


Source: messiconews.com messiconews.com

Key Topics in this News Article:

News Snapshot:

Chinese internet giant Tencent Holdings is working to integrate its QR code system for mobile payments with state-owned China UnionPay, giving the latter a bigger slice of the hotly-contested industry. With the common QR code system, merchants could provide users of WeChat Pay – the mobile payment service within Tencent’s ubiquitous messaging and social media app WeChat – and UnionPay’s Quickpass with the same code to make payments, Chinese media Caixin reported on Tuesday, citing people familiar with the matter. Currently, merchants have to offer different codes for each payment service. A Tencent spokesman confirmed the Caixin report and said...