[New Tang Dynasty Beijing October 04, 2021]Alipay recently announced the opening of online payment scenarios to China UnionPay’s “Cloud QuickPass”, which will cover 85% of Taobao merchants in the first batch, and plans to include offline scan code mutual recognition to cover the whole country in March next year .
Alipay’s official WeChat account announced on October 2 that Alipay and China UnionPay promote open sharing in online payment and offline barcodes. Alipay has opened online payment scenarios for UnionPay’s “Cloud QuickPass”, covering 85% of Taobao merchants in the first batch .
Users who install the Cloud QuickPass app can directly choose UnionPay “Cloud QuickPass” to pay after submitting an order on Taobao Shopping.
In addition, Alipay and UnionPay’s “Cloud QuickPass” have opened up payment code scanning and mutual recognition in Beijing, Tianjin, Guangzhou, Shenzhen, Chengdu, Chongqing, Xi’an and other cities, and plans to cover all cities across the country in March next year.
Alipay and UnionPay also jointly promoted the completion of the open cooperation of 23 banks and institutions, and supported cloud QuickPass and the payment function of scanning Alipay’s payment code by APP of various banks and institutions.
As we all know, there are two major mobile payment giants in China: one is Ma Yun’s Alipay, and the other is Ma Huateng’s WeChat payment. China UnionPay launched its “Cloud QuickPass” mobile payment platform in 2015, but its market share is much lower than that of Alipay and WeChat Pay.
In recent years, the CCP government has called for the rectification of mobile payment platforms in the name of “anti-monopoly” and “financial supervision.” Alipay and WeChat Pay have begun to promote mutual recognition with UnionPay’s “Cloud QuickPass”. Currently, “Cloud QuickPass” has become China’s third largest mobile payment platform.
According to the “Questionnaire Report on Mobile Payment Users in 2020” released by the China Payment and Settlement Association in January, WeChat Pay, Alipay and UnionPay Cloud QuickPass accounted for 92.7%, 91.0% and 74.9% of users respectively.
In July this year, the Ministry of Industry and Information Technology of China launched a special rectification action for the Internet industry, focusing on blocking URL links. Tencent and Alibaba both expressed their cooperation.
At present, Tencent’s WeChat has been fully open to cloud QuickPass. WeChat Pay’s receipt code and Cloud QuickPass realize mutual recognition by scanning codes. Cloud QuickPass supports the top-up services of Q coins, QQ Music and Tencent Video, and the WeChat applet also supports Cloud QuickPass payment.
Since the Taobao App was connected to UnionPay QuickPass in August, it has now covered all users.
As early as 2008, Jack Ma publicly stated that “if the bank does not change, then we will change the bank.” With the popularization of Alipay and WeChat Pay in Chinese society, the traditional bank-led collection and payment model has been changed. But Jack Ma was also pressured by the government.
In November 2020, the listing of Ant Group was urgently suspended by the authorities. At that time, Wang Jian, a senior media person, analyzed that Alipay had robbed a piece of fat in the banking system, and the financial regulatory authorities were extremely dissatisfied with it.
At present, the financial business of Ant Group has been fully regulated by the regulatory authorities. Jack Ma also publicly stated in 2018 that if the country needs it, Alipay will be handed over to the country.
(Reporter Luo Tingting Comprehensive Report / Chief Editor: Xia He)
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