Unlike the previous wave of cross-border tourism that led to extensive payment network coverage, today’s global expansion in payment technology sees Chinese payment companies exporting their technology, with interoperable QR codes at the forefront.
According to a report by BCG, Southeast Asian countries are building a more integrated payment ecosystem through bilateral and multilateral QR code payment collaborations. Caijing has learned that UnionPay is actively developing and promoting its QR code standard and is seeking partnerships with other major payment players to establish a globally accepted QR code standard.
As the impact of the pandemic gradually receded in 2023, payment giants once again turned their attention to Southeast Asia, in step with the return of Chinese tourists. In Malaysia, for instance, QR codes from Alipay, WeChat Pay and UnionPay are frequently seen displayed side by side. The competition among these three companies in the international market has already begun. Under new external conditions and policy support, Chinese payment technology is entering a new phase in its overseas expansion.
