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QR Code Payment
Article

QR Code Payment

The Road from Being Banned to Standardization


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Editorial Rating

7

Qualities

  • Applicable
  • Overview
  • For Beginners

Recommendation

Nowhere in the world have QR code payments taken off the way they have in China – where they are now the most popular form of mobile payment. Even some beggars accept QR code payments: Instead of a hat for change, they hold out a code that you can scan to put money in their WeChat wallets. Not even a government ban on QR code payment could stop its growth. In this comprehensive article, Caijing reporter Zhang Wei explains the latest developments in China’s QR code payment system. getAbstract recommends this report to businesspeople with operations in China and people in the financial technology industry.

Take-Aways

  • Paying by QR code is widely popular in China.
  • Concerned about safety and privacy, China’s government had banned the use of QR code payments in 2014 and lifted the ban only in late 2016.
  • Alibaba’s and Tencent’s QR code payment systems have put a dent in UnionPay’s profit, forcing the banking card association UnionPay to enter the QR code payment market in an effort to strike back.

About the Author

Journalist Zhang Wei writes for Caijing, a leading Chinese news magazine that provides original news and analysis on business, finance and economic developments in China.


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