Payment Home Network (ZFZJ.CN) Recently, China Merchants Bank released the "[Blockbuster] China Merchants Bank App and WeChat Pay to achieve two-dimensional code interconnection!" The article said that customers can make payments by scanning the WeChat collection QR code through the "sweep" function of the China Merchants Bank App.
It is reported that this is also a heavy upgrade of the just released China Merchants Bank App 10.0 version in terms of payment.
The payment codes of different institutions cannot be universal, which is a long-term pain point in the payment field. In 2019, Chinese Min min bank issued the "Financial Technology (FinTech) Development Plan (2019-2021)", which clearly proposed to promote the interconnection of bar code payments.
This time, CMB has cooperated with China UnionPay and WeChat Pay to achieve QR code interconnection, which is an important measure to implement the requirements of Chinese Minmin Bank and optimize the payment experience of customers and merchants. The relevant person in charge of CMB said, "In the future, CMB will continue to cooperate with relevant institutions in depth, actively participate in and promote the development of the payment market in a safer, more standardized and healthier direction."
In addition, in order to continue to promote the opening up of the payment ecosystem, WeChat Pay and UnionPay Cloud FlashPay interconnection cooperation have also made important progress.
WeChat Pay began to gradually upgrade the merchant Mini Program to support the cloud flash payment function on December 15, and the WeChat merchant Mini Program has fully opened the cloud flash payment. After the function is upgraded, users can choose to use Cloud Flash Pay to pay in the weChat Merchant Mini Program that has been opened.
Subsequently, WeChat Pay has completed the ability to support cloud flash payment in various transaction scenarios such as offline barcodes, Mini Programs, and Apps.
Payment Home Network noted that recently, the Science and Technology Department of the People's Bank of China issued the "Technical Specifications for Bar Code Payment Interconnection", in accordance with the principle of "unified universality, convenience and friendliness, security and controllability, inclusiveness", under the premise of effectively ensuring the security of user information and funds, the payment institutions that carry out two-dimensional code payment have unified the technical format, including unified technical standards in terms of coding rules, interface messages, security specifications and other aspects.
The scope of application of the Code is the design, research and development and operation of software and hardware products and information systems required by banking financial institutions, clearing institutions and non-bank payment institutions to realize the interconnection of bar code payments.
In recent years, the regulator and the industry have been promoting the acceleration of the formulation of bar code payment interconnection standards, so that third-party payments such as Alipay and WeChat Pay, and scan code payments such as QR codes developed by UnionPay can be interconnected.
The payment home network learned that the central bank's earlier release of the "Financial Technology (FinTech) Development Plan (2019-2021)" has clearly put forward: "Promote the interconnection of bar code payment, study and formulate technical standards for bar code payment interconnection, unify bar code payment coding rules, build a bar code payment interconnection technology system, break through bar code payment service barriers, and realize mutual recognition and mutual scanning of bar code identification of different APPS and merchants." ”
Li Wei, director of the Science and Technology Department of the Central Bank, also said that it will organize commercial banks, payment institutions, China UnionPay, Netlink, etc., to steadily carry out the pilot verification and application of bar code payment interconnection technology, gradually break through the barriers to payment services, and provide more secure and convenient payment services for the people.
"Interconnection" is a tough battle, regardless of technology, not related to theory, only unlimited "game" in it...