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China's SAFE Denies Rumor to Suspend Cross-border QR-code Payments

SAFE, 8/15/17

China's State Administration of Foreign Exchange (SAFE) has denied rumors that it had required third parties to suspend cross-border payment via QR scanning. SAFE asserts that such reports are untrue and that it did not require payment agencies to cease operations.

The rumor came from a media report claiming that SAFE had informed all major payment agencies that they must suspend all overseas QR payments involving foreign currency, and that all major payment agencies were currently informing relevant staff and discussing their response.

Overseas offline QR payment services refers to services that allow a consumer who holds bank card information or a third-party payment account to generate a QR code or barcode, which is subsequently scanned by an overseas store.

Keywords: mobile payment wireless State Administration of Foreign Exchange third-party payment 2D barcode


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