Tencent’s WeChat Pay has entered arrangements to connect directly with the mobile apps of nearly a dozen leading financial institutions in China, amidst efforts by Chinese regulators to better integrate the payments system and reduce anti-competitive conduct.
Tencent recently announced that WeChat Pay has entered cooperative arrangements to connect directly with the apps of multiple banks and financial institutions, including UnionPay’s Yunshanfu, ICBC, China Construction Bank, Bank of China, Ping An Bank, China CITIC Bank, Fujian Rural Credit, Bank of Xi’an, Bank of Hangzhou and AllInPay (通联支付).
WeChat Pay established a “comprehensive payments connection” with the UnionPay Yunshanfu app in September, permitting the interchangeable use of their respective QR codes for digital payments purposes.
This meant that WeChat Pay users throughout China can now use Yunshanfu to scan WeChat Pay QR codes to complete payments.
Yunshanfu in turn supports Tencent’s Q coin (Q币), QQ Music (QQ音乐) and Tencent Video recharge services.