9/8/2023 0 Comments Wechat taobao douyin chineseAt the end of 2016, UnionPay issued the QR code payment standard, which is intended to realize the "one code standards" among banks and to lay a foundation for the interconnection of 3rd party payment and inter-bank barcode payment. ![]() In order to solve this problem, the interconnection of barcode payment has been mentioned. The argument between barcode and QR code payment often happened in recent years with the intensification of competition in the third-party payment industry. The integration of barcode payment has been steadily promoted In the future, The integration breaks the ice from UnionPay since there will be no more direct competition with the two payment giants (WeChat Pay and Alipay), which closed the gap between the two sides, and it will create a win-win situation for every player in the market. Only the ones with technical ability, high-quality service and experience can stand out from this market competition and further evolve the industry.įor UnionPay, directly scaning WeChat QR code and Taobao payment code opens up more actual usage scenarios. It is conducive to the innovation and fair competition of SMEs. To some payment industry leaders, the integration between UnionPay and WeChat payment actually makes WeChat Pay more open to the UnionPay market and the banking institutions so that more small and medium-sized payment institutions are able to participate in this huge payment processing business. ![]() However, we noted that the current connection between UnionPay payment and WeChat payment only achieved the one-way payment scanning WeChat payment collection code, while WeChat to UnionPay collection code function has not been released yet. The cooperation between WeChat payment and UnionPay was also confirmed. The users can make payments by scanning WeChat personal payment collection code through the "scan" function in UnionPay app. UnionPay has already built a connection with WeChat payment. At the same time, for the payment industry, once the barcode payment is truly integrated, the 3rd party aggregation payment institutions will need rapid transformation, since the direct demand of merchants of 3rd party aggregation payment might decline. Nevertheless, in the view of the payment industry, the integration of UnionPay with WeChat and Taobao can be described as great progress in the interconnection of barcode payment, which could provide a great convenience for the payment process and transaction settlement for both end-users and merchants. ![]() (only certain users can test this function). However, the UnionPay and Taobao app integration is still in the beta version. Users can scan the WeChat money collection code through UnionPay app to complete their payments. ![]() In August 2021, China’s payment industry made great moves! The CBN(China Business Network) learned that after accessing the transaction settlement in Taoba app, UnionPay is now also linked with WeChat payment. It mainly provides inter-bank payment and settlement services and has its own online inter-bank transaction clearing system. UnionPay is a financial services institution headquartered in Shanghai, China.
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