China Union Pay, the nation’s government back credit card issuer, is offering a new service that will allow card holders to pay via QR codes scanned on their mobile device. The new system will work online and offline, and the company is reportedly now in talks with the nation’s banks to discuss how best to promote the new system, reports, Mobile World Live.
Earlier this year, both Alibaba and competitor TenCent announced similar QR-backed payments systems. The nation’s People’s Bank of China went on to prohibit such services, potentially because they were viewed as competitors to China Union Pay.
Both companies have continued to offer mPay solutions, Alibaba rolled out a suite of them late last month, and they are also some reports that both Chinese companies have continued to offer QR based payments as an option despite the PBOC’s warning, and have so far been doing so without repercussions on any kind.
“What’s Hot” is aggregated content. PYMNTS.com claims no responsibility for the accuracy of the content published by the original source.