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August 22, 2014updated 04 Apr 2017 4:06pm

QR code-based mobile payments cannot be controlled in China: report

The third-party payment providers in China are reluctant to give up QR code-based mobile payments despite the ban imposed by China's central bank in March, reported by WantChinaTimes.com.

By Verdict Staff

The third-party payment providers in China are reluctant to give up QR code-based mobile payments despite the ban imposed by China’s central bank in March, reported by WantChinaTimes.com.

According to central bank statistics, 15.04 billion non-cash payment transactions worth CNY456.2 trillion (US$74.26 trillion) were recorded in China during the second quarter of 2014, up 23.35% and 17.42%, respectively, from a year ago.

A total of 947 million transactions worth CNY4.92 trillion (US$800 billion) were made via mobile devices, which represent a year-on-year growth of 155% and 137%, respectively.

Payments made by scanning a bar code with mobile devices have continued to be accepted at convenience stores and restaurants, according to a report published by the Shanghai Morning Post.

The report stated that Alipay, the online payment arm of e-commerce company Alibaba, launched sales promotion programs in July in cooperation with the KEDI, Alldays and the Familymart convenience store chains targeting consumers using QR code-based mobile payments.

China-based internet company Tencent Holdings has retained the QR code payment function for the latest version of WeChat, reported by the Guangzhou-based Southern Weekly.

China UnionPay has launched a system that will replace card swiping with QR code scanning during payments in July. UnionPay has not begun promoting the business commercially because the service has not been approved by the central bank.

The Postal Savings Bank of China formally launched QR code payment services nationwide in August, said by the Southern Weekly.

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