China's CPG Launches Trial for Streamlined Cross-Border QR Code Payments
China's Cross-border Interconnection Gateway (CPG) has kicked off its trial operation, aiming to streamline international QR code payments. This initiative, supported by China Payment Group (CPG) and UnionPay, promises to make cross-border transactions more efficient, convenient, and secure.
CPG, launched in late July 2023, offers a unified platform for both Chinese and international partners. By September 11, 2023, it had already processed a substantial 1.981 million transactions worth RMB 427 million. CPG provides services such as unified technical interfaces, real-time transaction monitoring, and switching and distribution of cross-border transaction information.
UnionPay has played a significant role in this initiative. As of August 2023, it had integrated over 170 foreign QR-code payment wallets into its network, covering 30 countries and regions outside mainland China. This integration allows overseas wallet operators to unlock value through mobile payment capabilities and UnionPay card benefits. UnionPay International also contributed to developing CPG's core elements over a six-month period.
CPG's trial operation brings four key advantages to partners implementing cross-border QR code linkages. With CPG onboarding through UnionPay, institutions in and outside China's mainland can achieve cross-border QR code interoperability with one point access. This initiative paves the way for a more unified and convenient payment ecosystem worldwide.
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