Tencent and state-owned China UnionPay are integrating their QR code systems for mobile payments, according to local media reports.
The move will let Tencent WeChat Pay and UnionPay Quickpass users transfer and spend money using the same QR codes. Currently, merchants and consumers need different QR codes for different operators.
According to Chinese media outlet Caixin, the unified QR code system is being trialled in Fuzhou city. The two firms are also working together on facial-recognition-based payments.
The partnership is likely to help central bank-baked UnionPay gain a bigger slice of a massive Chinese mobile payments market dominated by Tencent’s WeChat Pay and rival Ant Financial’s Alipay – which is not involved in the integration effort.