China's CPG Launches Cross-Border QR Code Payment Pilot
China's Cross-border Interconnection Gateway (CPG) has launched a pilot program, enabling seamless cross-border QR code payments. This initiative, guided by public-oriented inclusivity and accessibility, facilitates transactions between Chinese and international partners. The system, developed by UnionPay International over six months, aims to make cross-border payments more efficient, convenient, and secure.
CPG's trial operation began in late July 2023, offering easy access to both Chinese and international partners. It supports cross-border QR code payments and local QR code payments in markets outside China's mainland. By September 11, 2023, CPG had processed 1.981 million transactions worth RMB 427 million.
CPG provides services such as unified technical interfaces, switching and distribution of cross-border transaction information, and real-time transaction monitoring and analysis. It offers four advantages to partners: reduced system integration costs, unified standards for cooperation, broader acceptance coverage in the Chinese mainland, and centralized management of cross-border QR code payments. UnionPay's Cross-border Interconnection Gateway is currently running or will run interoperability projects with 19 countries, including Vietnam, Indonesia, and Cambodia.
The success of CPG's pilot launch signals a significant step towards a unified and more convenient global payment ecosystem. With UnionPay's collaboration, overseas wallet operators can unlock value by offering mobile payment capabilities in more use cases and leveraging UnionPay's global partnership network and card benefits. As of August 2023, transactions made using international UnionPay partner wallets have increased by 111%, demonstrating the growing acceptance and demand for this innovative payment system.
