UnionPay to Introduce QR Code Payment Service
National Business Daily, 7/07/14
Chinese banking network China UnionPay is currently developing a QR code-based mobile payment service, covering both online and offline mobile payments, according to company insiders. UnionPay is in discussions with banks regarding promotional activities for the new service.
On March 13 of this year, China's central bank issued an urgent directive calling for the temporary suspension of QR code-based payment services, but Chinese third-party payment processor Alipay and some banks have continued to offer QR code payments. The central bank has not taken any enforcement or punitive measures against QR code-based payment providers or financial institutions at present.
According to Xu Jingwen, a technology specialist at China UnionPay, as a rule, the company only releases payment products and services after gaining security approval from related supervisory bodies and partner financial institutions in China.
Editor's Note: For more information on this topic, please see "PBoC Suspends Alipay, Tencent Online Credit Cards," MD 3/14/14 issue.
Keywords: Xu Jingwen wireless mobile payment China UnionPay regulation People's Bank of China 2D barcode
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