China UnionPay to Make QR Code Payments Accessible on Overseas Public Transportation
Chinese payments giant China UnionPay plans to make its QR code payments system increasingly available on overseas public transit systems.
UnionPay subsidiary UnionPay International recently announced that it would take measures to drive adoption of its UPI Transit Services Platform (UTSP) abroad, via an open development platform that will help public transportation providers make use of its QR codes.
Outside of mainland China, the Hong Kong metro system and the Gaoxiong transit system in Taiwan already plan to make UnionPay QR code payments available to passengers.
UnionPay flash payments are already available at the express lines and underground rail for the Sheremetyevo International Airport serving Moscow, as well as the Kuala Lumpur International Airport.
Key players in China’s payments sector, including UnionPay, Tencent and the big state-owned banks, are making haste to integrate their QR code payments systems following a push from the Chinese central bank for a unified system.