The interconnection of WeChat payment, Alipay and UnionPay China Unionpay Quick Pass offline scanning code mutual recognition payment field realizes ＂breaking the ice＂

　　Original title: WeChat payment, Alipay and UnionPay China Unionpay Quick Pass offline scan code mutual recognition payment field interconnection to achieve "breaking the ice"

　　Layers of barriers between payment institutions are constantly being broken down. Alipay recently announced new progress in interconnection with China UnionPay: Alipay and China UnionPay have realized mutual recognition of payment code scanning code nationwide. Two months ago, Tencent also announced that WeChat Pay and UnionPay China Unionpay Quick Pass APP have realized mutual recognition and scanning of offline barcodes.

　　For a long time, consumers have been troubled by the need to download the corresponding payment APP and put multiple payment codes at the cashier. "With the gradual advancement of the interconnection of the payment industry, China’s payment coding rules are expected to be gradually unified." Wang Pengbo, a senior analyst in the financial industry, said that this will not only help to further enhance the consumer payment experience and save social resources, but also facilitate more centralized and efficient supervision and improve the compliance of the entire payment industry.

　　Bank APP can scan Alipay collection code.

　　"I can actually use the ICBC APP to scan Alipay’s code to pay!" Many citizens have recently made such a discovery. According to Alipay, Alipay and China UnionPay have completed the open cooperation with 28 banks and institutions such as ICBC, CCB and BOC. Users can scan Alipay payment codes through the apps of banks, China Unionpay Quick Pass and other institutions.

　　Whether it is a shopping mall, a restaurant or a convenience store, it is not uncommon for multiple QR codes to be placed at the cashier’s office, and consumers are generally faced with the trouble of downloading multiple payment apps. For the store, when you want to reconcile and settle accounts, multiple QR codes mean that you have to reconcile from each platform and then withdraw cash. The owner of a convenience store said that the rates of some platforms were too high and the accounts were not received in time, but they still had to put the corresponding payment codes. Wang Pengbo believes that the closure of the payment field will force merchants to choose one or even choose one more. When competitors gradually disappear, service prices and user costs will gradually increase.

　　Bar code payment interconnection has become just needed.

　　The huge temptation of realizing traffic, the deep excavation of user portraits, and the potential risk of liquidation compliance … For various interests, various Internet companies and financial institutions are eyeing the cake of "payment business" and trying to expand market share.

　　"Platform companies naturally have the attribute of’ winner takes all’." Yi Gang, governor of the People’s Bank of China, said earlier that this may lead to market monopoly and reduce the efficiency of innovation. "Some domestic platform companies seize the market through cross-subsidies, etc., and implement exclusive policies after gaining market dominance, such as excluding competitors from entering the platform and providing services. The QR code payment business only supports related APP scan code payment within the group." Fan Yifei, deputy governor of the central bank, also said that some payment institutions use unfair competition methods such as dumping at low prices and cross subsidies to seize market share, monopolize users, traffic and data, and restrict competition from other institutions. "In the long run, it will not only be detrimental to their own innovation, but also disrupt market order and suppress industrial innovation, thus weakening the overall leading edge of electronic payment in China".

　　Nowadays, the barriers between payment institutions are gradually broken. On September 30th, Tencent announced that WeChat Pay and UnionPay China Unionpay Quick Pass APP have realized mutual recognition and scanning of offline barcodes, and users can complete payment by scanning WeChat payment code through China Unionpay Quick Pass APP in provincial capital cities. Wechat applet also gradually supports UnionPay China Unionpay Quick Pass.

　　Exclusive and discriminatory agreements should be strictly prohibited.

　　"Expanding from online interconnection to offline scenes is a leap attempt, but related aggregate payment acquiring institutions may face a more cruel market environment." Wang Pengbo analyzed that payment institutions need to further improve their business ecology if they want to expand the user pool.

　　However, some consumers reported that the bank APP scanning Alipay was "not good". In this regard, Alipay responded that at present, only merchants who have opened the merchant service payment code on Alipay side are supported for payment, and personal payment codes are not supported for the time being. At the same time, Alipay still can’t scan the payment codes of other banking institutions to realize payment. There is still a long way to go to fully interconnect the payment field. Dong Ximiao, chief researcher of Zhongguancun Internet Finance Research Institute, said that the real interconnection is that all payment institutions and payment instruments, especially large platforms, open payment interfaces, which are truly open to all payment institutions and payment instruments, and exclusive and discriminatory payment agreements are strictly prohibited.

　　"The payment industry is interconnected. In addition to technology, the distribution of benefits is the key." Su Xiaorui, a senior analyst at Analysys, said that Internet giants have built their own moat after years of development. For all payment institutions, it is necessary to rethink how to gain a foothold in the market with advanced technology and quality services under the full market competition. (Yuan Lu)