The continuous promotion of barcode payment interconnection, how to better facilitate scanning and consumption?
2024-05-23
JD Pay recently announced that consumers can use the JD Financial App to scan the WeChat payment code for payment and consumption. The cooperation between two platforms with a large active user base is another new progress in the interconnection of barcode payments in China. In recent years, China's barcode payment interconnection has been continuously promoted, with the implementation of technical specifications, simplification of payment processes, and assistance in the high-quality development of the payment industry. How to further break down service barriers, expand ecological openness, and facilitate people's QR code consumption in the future? Throughout China, the penetration rate of mobile payments has reached 86%, ranking first in the world. It has played an important role in improving transaction efficiency, reducing transaction costs, and promoting financial inclusion. On this basis, the continuous promotion of barcode payment interconnection can effectively integrate complex code cards, allowing consumers to use various payment apps, scan the same code card for payment, and improve convenience. "Accelerating the promotion of interconnectivity in the payment field not only helps to build a unified national market, but also an important manifestation of serving the real economy and practicing the concept of 'payment for the people'. It helps to protect consumer choices, improve consumer experience, and promote high-quality development of the digital economy and digital finance." Dong Ximiao, Chief Researcher of Zhaolian, said. At the end of 2019, NetEase launched its first interconnectivity transaction in Ningbo and completed the first bank institution central bank standardized barcode interconnectivity verification in Hangzhou in January 2020. Since then, China's barcode payment interconnection has continued to advance. At present, the cloud flash payment app launched by China UnionPay has been interconnected with Alipay, WeChat payment and other platforms; WeChat payment has achieved barcode payment interconnection with nearly 30 banks, including industry, agriculture, China, construction, communications, postal savings, and wallet apps of three major telecom operators... In terms of cross-border payment, Alipay and Tenpay launched the "outsourcing for internal use" payment scheme, which supports some overseas e-wallets to directly scan Alipay and WeChat code cards in China for payment. The interconnectivity in the payment field requires both institutional norms and unified standards, as well as concerns user privacy and data security. Currently, relevant technical specifications have been introduced, becoming the institutional guarantee for interconnectivity. At the end of 2021, the People's Bank of China issued the "Technical Specification for Barcode Payment Interconnection", which stipulates the coding rules, message elements, security requirements, and other contents of barcode payment interconnection while effectively ensuring the security of user information and funds. Focusing on data security, in the development process of mobile payments, aggregation payments have emerged due to the inability of various institutions to use barcodes universally. Aggregated payment service providers often do not have payment business licenses, but in reality, they engage in some payment businesses, which creates certain risks and hidden dangers. Wang Jian, Assistant Director of Guoxin Securities Economic Research Institute, stated that licensed payment institutions have significant advantages in transaction norms, security technology, data protection, and other aspects. The promotion of barcode payment interconnection helps to identify, share, and prevent risk information, and enhances the security of mobile payment systems. Looking forward to the future, Dong Ximiao believes that although the bar code payment interconnection has achieved rapid development in recent years, it still lags behind the market demand on the whole. Alipay and WeChat payment, which have the highest market share and the largest user group, have not really achieved interconnection, and there are still obstacles to the interconnection between bank payment and non bank payment. Starting from May 1st this year, the Regulations on the Supervision and Administration of Non bank Payment Institutions will officially come into effect. Zhang Qingsong, Vice President of the People's Bank of China, previously stated at the State Council's policy briefing that the regulations emphasize the maintenance of a fair competition order, which is conducive to guiding top payment institutions to play a good role as "leading geese", pay more attention to industry interests, social interests, and public interests, take the lead in maintaining fair competition, promoting connectivity, and expanding ecological openness. Experts suggest that relevant departments should introduce more targeted measures from institutional and technical perspectives, strengthen guidance and protection for payment institutions and commercial banks; Payment institutions should raise awareness and strengthen promotion; Local governments should break down local protection, break down payment barriers, and help achieve payment interconnectivity nationwide. At the same time, we should also accelerate the pilot work of digital RMB, enrich the application scenarios of digital RMB, and provide consumers with more secure and convenient payment options. (Lai Xin She)
Edit：He Chuanning Responsible editor：Su Suiyue
Source：Xinhua
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