The standard Alipay WeChat UnionPay officially launched QR code payment

For Alipay and WeChat Pay to expand the acquiring market by “scanning code payment”, UnionPay is not waiting for it. Yesterday, UnionPay released the UnionPay two-dimensional code payment standard, which is the compliance code standard issued by the only card organization in China after the central bank recognized the QR code. UnionPay is setting up a banner to assemble several issuers and third-party payments, and counter-attacks are paid to the market by Alipay and WeChat, which were previously guarded by the offline code.

UnionPay enters the scan code payment

In March 2014, the central bank called the Alipay line barcode (two-dimensional code) payment and virtual credit card business, on the grounds that there is a certain risk in offline QR code payment. After technical improvements, in August this year, the central bank issued the "Bar Code Payment Service Specification" (draft for comment), disguised the compliance of QR code payment.

Yesterday, UnionPay launched a two-dimensional code payment, with special emphasis on payment security as the bottom line. UnionPay said that its QR code payment products will be one of the “Cloud Flash Pay” product lines, supplementing the existing non-contact payment products. As long as the supervision and approval, product technology is relatively mature, security risks are controllable, and through relevant testing and certification, there may be more interactions in the future, including the "cloud flash payment" product system.

From the perspective of POS terminal structure, it used to be the dominant position of banks in the market. Each bank has its own POS machine, and third-party payment will also lay POS machines online. Now, UnionPay has integrated offline POS terminal resources, including the original banking system and third-party payment agencies, to develop QR code payments.

UnionPay multiple actions

In fact, at the account level, UnionPay has already acted. As early as 2013, China UnionPay launched the UnionPay wallet, a payment account for the standard Alipay and WeChat payment, which is equivalent to the current bank III account, like a coin purse, but it has not been popularized.

On the technical level, UnionPay has jointly launched more than 20 commercial banks in Beijing to release “Cloud Flash Pay” payment products in Beijing a year ago. The effect is not obvious. UnionPay then supports Apple Pay of several banks to guide many banks to expand NFC payments. market.

The two-dimensional code payment launched by UnionPay has four characteristics: First, it follows the existing four-party model of bank card payment, with payment security as the bottom line, ensuring the security of key elements such as cardholder accounts and funds. UnionPay two-dimensional code payment is based on the four-party mode of card organization. The difference between payment and physical bank card payment is only the change of payment information interaction mode. The background account is still based on the physical bank card account. The second is to use payment tokenization technology to ensure payment security. Third, the technical model is unified under the same scenario and can be interconnected. Fourth, it is compatible with relevant international standards. The technology extension is reserved, and the future can be compatible with international standards related to two-dimensional code payment by extension, so as to ensure cross-border interconnection of domestic and overseas QR code payment services in the future.

At the same time, UnionPay also officially launched the UnionPay two-dimensional code payment standard, which mainly includes the two specifications of "China UnionPay QR Code Payment Security Specification" and "China UnionPay QR Code Payment Application Specification".

Third-party organizations respond first

The reporter learned from various investigations that UnionPay had previously sent a letter to the third-party payment company on "Promotion of Standards for the Promotion of UnionPay Card Two-Dimensional Code Payment Products", clearly stating "to jointly research and promote UnionPay cards with third-party payment companies." QR code payment products related work."

It is worth noting that third-party institutions such as Quick Money, Bank of China, Tonglian, Shande, and Remittance are the first institutions to respond to UnionPay QR code payments.

To put it simply, the way in which UnionPay works with third-party organizations is the business scenario in which UnionPay uses third-party payment, and third-party payment uses UnionPay's scanning code acceptance equipment. This means that the QR code used by the issuing bank's mobile banking is generated by UnionPay.

In this regard, the third-party payment agency said that it will fully promote the two-dimensional code payment products to land in various scenarios of Wanda, and will cover the UnionPay standard to the consumption scene of more middle-class users. At present, it has combined shopping centers, convenience stores and hospitals. Lines, hotels, parking, airports, cars and other scenarios will continue to expand in the future, directly reaching the last mile connected with users.

At the same time, the introduction of UnionPay two-dimensional code standards will help fast money to apply integrated financial services to more scenarios, thus accelerating the process of "scenario + finance" strategic layout.