Two of China’s big state-owned banks are cooperating with payment giants China UnionPay and WeChat Pay to achieve compatibility when it comes to QR code systems.
Bank of China has reportedly engaged in cooperation with China UnionPay and WeChat Pay on trials to achieve “face-to-face” compatibility of QR codes for payments purposes.
Under the trials users of the Bank of China mobile app will be able to scan WeChat Pay QR codes for payments purposes.
Bank of China is not the only big state-owned lender to take part in QR-code compatibility trials with China UnionPay and WeChat Pay.
Bank of Communications announced on 13 January that it had taken the lead in achieving the integration of payments functions via mobile phone scans of WeChat QR codes.
The initial trials for the QR code integration have been launched in cities including Fuzhou, Ningbo and Jinan, with other cities to follow soon.
The “Fintech Development Plan (2019 – 2021)” (金融科技（FinTech）发展规划（2019-2021）年) released by the Chinese central bank in September 2019 highlighted the compatibility of QR code payments as a key goal.
The Plan called for “driving QR code payment compatibility, researching and formulating compatible barcode payment technology standards, unification of barcode payment coding regulations, establishment of a barcode payment technology system, overcoming the barriers between barcode payment services, and achieve mutual recognition and scanning of the codes of different apps and vendors.”