Bar code payment connectivity is accelerating. Tencent's Tenpay Corporation and China UnionPay have recently reached cooperation on bar code payment connectivity, and the two sides are taking the lead in establishing a comprehensive mutual recognition bar code payment service network.
On January 5,2020, the relevant responsible person of Tencent Tenpay Company confirmed to the \"Securities Daily\" reporter,\" after internal verification, the news is basically true, Tenpay Company and UnionPay are carrying out relevant cooperation pilot. \".
In addition, the securities daily reporter learned from people familiar with the matter, the people's bank led by the science and technology department of the first interconnection business, completed in the pilot city of ningbo on december 30,2019, the transfer settlement is done by the network clearing house, one of the parties to the transaction for \"safe payment.\"
“The interconnection of bar code payments is conducive to small and medium-sized payment institutions, which will greatly enhance the enthusiasm of small and medium-sized payment institutions, and will objectively reduce the'erqing' risk of many aggregate payment barcodes for regulation. Liu Gang, founder of the payment industry network, told the Securities Daily.
The so-called bar code payment, is two-dimensional code payment, due to the fierce competition between payment agencies, all the time, the bar code payment between the various payment agencies do not communicate. For example, when we pay in a shop, we will see at the same time UnionPay, Alipay, WeChat Pay and so on multiple separate two-dimensional code. If the bar code payment interconnection, after the merchant can only apply for a payment agency collection code, this collection code can accept any consumer app scan code payment.
It is reported that UnionPay and Tenpay reached a scan code mutual recognition of the main body is \"cloud flash payment app\" and \"WeChat Pay \". Both sides have realized the full connection between the UnionPay QR code network and the WeChat Pay network. The payment function of cloud flash payment app with ICBC, Agricultural Bank, Bank of China, CCB and other banks app scanning WeChat \"face to face QR code\" will be expanded from the pilot area to more regions one after another, and finally gradually realize the overall mutual recognition of transfer, consumption and other scenarios in the whole country. At that time, users in the original experience and process on the basis of the same, through cloud flash payment app and other applications to scan WeChat \"merchant code\" or to show WeChat merchants cloud flash payment app and other applications in the \"payment code\" to complete the payment, merchants do not need to system transformation to accept more payment tools.
The move is thought to have something to do with the central bank's dominant bar-code payment code. But some in the industry to the Securities Daily reporter analysis,\" UnionPay and WeChat cooperation is more in favor of business cooperation.\"
Since last year, regulators and the industry have been pushing to speed up the development of bar code payment connectivity standards to enable third-party payments such as Alipay, WeChat Pay, and code sweep payments such as those developed by UnionPay and others to achieve connectivity.
At present bar code payment in the domestic development although only a few years, but has changed the public payment habits. Among them, Ant Financial Services Group's Alipay, Tencent's WeChat Pay is the two strong mobile payment sector, occupying most of the market share.
Nowadays, there are a large number of aggregate payment enterprises in the market when the interconnection of bar code payment has not been fully connected, whose function is to bring together the QR code of many payment organizations to facilitate the business of business and consumer payment. But there are many risks arising from aggregate payments, which to some extent play the role of \"shelter \", an unlicensed payment institution.
Huang dazhi, a senior researcher at the su Ning financial research institute, told the securities daily that the fragmented bar-code payment market created a waste of social resources and affected consumer experiences, creating a series of risk problems. \"The realization of bar code payment interconnection is an important part of the infrastructure construction of the payment system, and for institutions, it can further achieve fair competition among payment institutions and promote the healthy development of the payment industry.
As early as the end of 2016, UnionPay issued a two-dimensional code payment standard, intended to achieve \"one-yard universal\" between banks, laying the foundation for cross-agency bank card bar code payment interconnection.
After entering 2019, bar code payment interconnection began to speed up. In july 2019, li wei wei, director of science and technology at the central bank, wrote that \"the organization compiles the technical standards of barcode payment interconnection industry, promotes the unification of barcode payment coding rules, constructs the barcode payment interconnection technology system, and realizes the mutual recognition and mutual scanning of bar codes between different mobile phone apps and merchants.\"
In September 2019, the central bank announced the Financial Technology Development Plan (2019-2021), which explicitly stated:\" Promote bar code payment connectivity, study and formulate technical standards for bar code payment connectivity, unify bar code payment coding rules, construct bar code payment connectivity technology system, break down bar code payment service barriers, and realize mutual recognition and mutual scanning of bar code logos between different apps and merchants.\"
Most industry insiders interviewed by the 《 securities daily believe that "there is really no technical difficulty in the technology and application of bar code payment interconnection, nor will it involve the consumer experience of the client or merchant side, and the change is more about the part in the back-end infrastructure of the payment. The difficulty facing the reality is more about who the UnionPay or the Networked Federation is dominated by and whether the technical standard is biased toward Alipay or WeChat.
Liu Gang admitted that the interconnection of bar code payments is not technically difficult, mainly due to the degree of cooperation between the two major payment giants, Alipay and WeChat Pay. \"After the bar code interconnection, the payment market pattern will have the significant change. In the second tier but still have the strength of the payment institutions will quickly establish an account system in the mature sweep code payment market quickly paved to merchants to win the service. There is no chance in the previous oligopoly, and now it is. (Securities Daily)