Ant Group and Tencent give more access to UnionPay
Alipay and WeChat Pay give the clearinghouse state-owned bank cards UnionPay even more access to their mobile payment ecosystems as China continues to push big tech companies to become more transparent in their operations, the South China Morning Post reported on Monday (October 4).
Alipay, owned by Ant Group, will launch payment QR codes through UnionPay’s Cloud QuickPass app for offline payments in all cities in China by next March, the company said in a statement on the account. official WeChat of Alipay Saturday October 2. QR code function is available in Beijing, Guangzhou, Shenzhen, Tianjin, Chengdu, Chongqing, Xi’an and other major Chinese cities.
Nearly 85% of Alibaba Group Holding’s Taobao Marketplace online merchants accept Cloud QuickPass as one of their payment options.
Smaller programs on Tencent Holdings’ WeChat app are expected to have access to UnionPay’s Cloud QuickPass, the company said in a statement last week, after a beta test that began in September.
The WeRead player app, Tencent Video video streaming platform, and JD.com e-commerce service are among the apps that already have access to Cloud QuickPass. Consumers can also scan the WeChat Pay code through the Cloud QuickPass app for offline payments.
Related: Ant to hand over consumer credit information to Chinese government
Consumer loan service Ant Group Co. agreed last month to pass all of its credit data to Chinese government officials for inclusion in a federal credit scoring system, according to a Wall Street Journal report.
Ant’s virtual credit card service Huabei said on social media that it was “moving forward with its orderly inclusion in the financial credit information database held by the Credit Reference Center of the (Bank People’s Republic of China) “, referring to the Central Bank of China.
Ant’s customer data and its proprietary algorithms helped the company grow before and after its failed IPO in November, which collapsed amid concerns from Beijing about the company’s growth and lack of regulatory oversight. Ant operates the Alipay payment and lifestyle app, which is used by over 1 billion people in China.