A new partnership between Tencent and UnionPay will see them integrate QR codes in their offerings.
UnionPay is a Shanghai-based financial services firm working under the approval of the Chinese central bank. It is reportedly the largest card payment organisation in the world.
The two Chinese companies integrating QR codes will mean their users can more easily pay for things and transfer cash, Bloomberg reported, citing local media.
Bloomberg speculated that the move will help UnionPay take up a bigger slice of the domestic market.
China has long been at the forefront of the Asian FinTech scene. The country’s industry stakeholders have consistently attracted more investment than most other countries in the region between 2014 and 2018, save from India which overtook the country in 2014 and 2017, according to FinTech Global’s data.
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