Scan code payment has a new choice! One-code communication between mobile banking and WeChat trial payment

　　Consumers who are used to scanning the WeChat "face-to-face QR code" collection code now have new choices.

　　On January 13th, Bank of China announced its cooperation with China UnionPay and Tenpay, taking the lead in realizing the payment function of mobile banking scanning WeChat "face-to-face QR code" and becoming the first bank to realize mutual recognition and scanning with WeChat. On the same day, the Bank of Communications also announced that it has achieved interoperability with WeChat QR code payment.

　　In an interview with the Economic Daily, the relevant person of China Bank pointed out that it is a clear requirement of the People’s Bank of China’s financial technology development plan to realize the interconnection of scanning codes. For merchants, it can effectively integrate complicated two-dimensional code table cards to realize one-code communication; For customers, there is no need to identify and distinguish WeChat QR code, Alipay QR code and UnionPay QR code, and you can scan the code payment by opening the APP to achieve a sweeping.

　　With the development of interconnection, more two-dimensional code payment transactions will be settled through UnionPay and Internet Link, which will be more standardized and unified, conducive to risk information sharing and risk identification, and conducive to the overall management and monitoring of regulatory authorities, making the entire payment system more secure.

　　The reporter learned that at present, customers of Bank of China and Bank of Communications can complete the payment by scanning the QR code of WeChat payment using the mobile banking of these two banks in pilot areas such as Fuzhou, Ningbo and Jinan, and it is expected to be fully promoted soon.

　　Since 2019, the regulatory authorities and the industry have been promoting the development of interconnection standards for bar code payment, so that third-party payments such as Alipay and WeChat payment can be interconnected with scanned code payments such as QR codes developed by UnionPay. In September 2019, the People’s Bank of China announced the FinTech Development Plan (2019— In 2021), it is clearly proposed to promote the interconnection of bar code payment, study and formulate the technical standards of bar code payment interconnection, unify the coding rules of bar code payment, build the technical system of bar code payment interconnection, break through the barriers of bar code payment service, and realize mutual recognition and mutual scanning of bar code logos of different apps and merchants.

　　It is worth noting that after interconnection, are banks different from before in controlling payment risks? In this regard, the relevant person of Bank of China said: "This interconnection transaction still follows the UnionPay standard two-dimensional code payment specification and the four-party business model, which is in line with the existing two-dimensional code payment limit and safety risk control requirements, and is basically the same as the original two-dimensional code payment in risk control."

　　In addition, from a technical point of view, the reporter learned that in the process of realizing interconnection, the main problem is how to realize mutual scanning and mutual recognition of two-dimensional codes of different standards and the transaction transfer through clearing organizations. At present, the pilot project of mutual scanning between Bank of China, Bank of Communications and WeChat is only the first step of interconnection, and the follow-up needs the joint efforts of regulators, UnionPay, Internet, banks and payment institutions to further promote the participation of various institutions in interconnection from the payment industry level.