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It provides bank card services and a major card scheme in mainland China. From now on, foreigners living in China, as well as residents of Hong Kong, Macau and Taiwan, can use MasterCard, Visa and JCB credit cards to bind and activate WeChat payment accounts. UnionPay, also known as China UnionPay or by its abbreviation, CUP or UPI internationally, is a Chinese financial services corporation headquartered in Shanghai, China. Many foreigners complain that they cannot enjoy mobile payment services because they do not have a locally registered bank account to bind WeChat payment.

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it has opened online payment scenes to the UnionPay Flash app, covering the first batch of 85% Taobao merchants.įor offline, it has also implemented QR code scanning and mutual recognition with UnionPay Flash payment in multiple cities and plans to cover all cities in China by March 2022. On October 2nd, Alipay announced the progress in promoting interconnection with China UnionPay. Rather than expanding WeChat Pay abroad with a standalone app. WeChat Mini Programs will gradually support Flash Pay, being in beta test since 22 September. Last month, M-Pesa mobile wallet accounts were connected to 500,000 global agents representing financial services firm Western Union. UnionPay Flash supports the top-up payment of QCoin, QQ Music, and Tencent Videos. Many businesses are entirely dependent on Alipay or WeChat Pay for revenue. (See Chart 5.) In turn, Alipay and WeChat Pay underpin twin ecosystems of services spanning shopping, food delivery, ride hailing, healthcare, insurance and wealth management. WeChat Mini Programs will gradually support Flash. The Alipay and WeChat Pay duopoly processes 94 of third-party mobile payments.

Users can scan WeChat payment codes through the UnionPay Flash payment app in provincial capitals across the country to complete payment.

With their new feature, people hiring a DidiDache taxi could pay for the same within WeChat. In 2014, WeChat partnered with DidiDache in a bid to tap in the transport business. As of now, these vending machines are a relatively common sight in China.

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Users can scan WeChat payment codes through the UnionPay Flash payment app in provincial capitals across the country to complete payment. WeChat Pay has officially implemented mutual recognition and mutual scanning of offline QR codes with UnionPay's Flash app. In September 2013, the streets of Beijing were flooded with Wechat powered vending machines. Robert Greene, a former senior adviser to the US Department of Treasury, published an article last July that said one potential function of the e-CNY was to skirt US financial sanctions.”Īs the technological and regulatory issues continue to evolve, China appears set to maintain its deliberate rollout of new features and geographic expansion for e-CNY, including an upcoming launch in Hong Kong that could offer a window into the concerns regarding financial sanctions.WeChat Pay has officially implemented mutual recognition and mutual scanning of offline QR codes with UnionPay’s Flash app. “China’s sovereign digital currency roll-out, however, has raised suspicion about Beijing’s intent. The sheer scale of opportunity in China and the scaled rollout of e-CNY may provide a blueprint for other countries who have yet to develop firm plans for central bank supported digital currency, but the move to digital currency could develop regulatory hurdles, especially cross-border. The mobile payments platform, part of multipurpose super app WeChat, had about 900 million users at the end of December.” WeChat Pay, operated by Tencent Holdings, last month set up a similar e-CNY wallet function on its app, about three months after it adopted digital yuan as a payment option. By opening an account using the same phone number associated with Alipay, users can make purchases with e-CNY on the app.

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“Alipay, operated by financial technology giant Ant Group, announced on Thursday that its app has added a button that enables users to search for and download the official e-CNY wallet within its platform.

Coco Feng reports on the expanding e-CNY program in China and new uses with super apps Alipay and WeChat: Recent trends in China highlight the convergence of digital currency and super apps in potential public/private partnerships.