China has launched a pilot programme for a unified QR code system aimed at streamlining cross-border payments and reducing inefficiencies caused by fragmented domestic networks, reports Caixin.
The initiative, jointly developed by china UnionPay and the Payment and Clearing Association of China, began trials in late July. Lu Lei, deputy governor of the People's Bank of China, made the announcement earler.
The system enables users of selected overseas e-wallets to make payments on the Chinese mainland. Participating wallets include those from Singapore, Malaysia, Thailand, Hong Kong and Macao.
Ant Group's Alipay and Ant International joined the pilot. Other participants include Tencent Holdings's Tenpay Global, Thailand's KBank and Singapore's DBS PayLah!, according to sources familiar with the matter.
SeaNews Turkey
The initiative, jointly developed by china UnionPay and the Payment and Clearing Association of China, began trials in late July. Lu Lei, deputy governor of the People's Bank of China, made the announcement earler.
The system enables users of selected overseas e-wallets to make payments on the Chinese mainland. Participating wallets include those from Singapore, Malaysia, Thailand, Hong Kong and Macao.
Ant Group's Alipay and Ant International joined the pilot. Other participants include Tencent Holdings's Tenpay Global, Thailand's KBank and Singapore's DBS PayLah!, according to sources familiar with the matter.
SeaNews Turkey
