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Pay giants "push the wall" again! What's the impact of WeChat Pay and UnionPay's cloud flash payments?

via:新浪科技     time:2021/10/1 22:05:20     readed:360

图片来源:图虫创意Photo credit: Tumon Creative

Journalist/Miao Yiwei

Barriers to payment connectivity have loosened again after Alibaba's Hungry And other scenarios announced access to WeChat payments.

On September 30, WeChat Public announced that Tencent WeChat Payments is promoting deeper connectivity with UnionPay Cloud Flash payment at the payment and service levels, WeChat Payments has officially realized offline bar code mutual recognition and sweep with UnionPay Cloud Flash App, and users can scan WeChat collection codes through The Cloud Flash App in the provincial capital cities to complete payment.

A few days ago, Alibaba, another Internet giant with a large pay swastrk, publicly said that its apps such as Hungry, Youku, Barley, Koala Haishu and Book Flag had been connected to WeChat. Recently, Taobao, idle fish, box horse and other apps have also applied to access WeChat payment, is waiting for WeChat review.

This means that connectivity between the top three payment companies in the market, WeChat Pay, Alipay and UnionPay Cloud Flash, is accelerating.

Specifically, WeChat officials issued the same day, "Tencent WeChat Payment and UnionPay Cloud Flash Payment deepening payment cooperation and interconnection statement", said that in order to promote the development of the payment services market, based on user transaction security and trust and reliable cooperation, Tencent WeChat Pay and UnionPay Cloud Flash in the payment, service level to promote deeper connectivity. Among them, in the payment interoperability, WeChat Payments and UnionPay Cloud Flash App officially realize offline bar code mutual recognition and mutual sweep, users can be in the provincial capital city through the cloud flash payment app scanning WeChat collection code to complete the payment.

In terms of service interoperability, Cloud Flash App will fully support the top-up services of Q Coin, QQ Music and Tencent Video, Andy Messenger will gradually support Cloud Flash Payment, the first batch of online including WeChat Reading, Tencent Video, Cat's Eye, JD.co., Step High, Rui Yu and other small programs, the feature was launched on September 22 grayscale testing.

WeChat officials said Tencent WeChat Payments and UnionPay Cloud Flash have conducted a long-term open cooperation exploration, for this accelerated deepening of connectivity to lay a solid foundation. Next, WeChat Payment will continue to uphold an open attitude, security as the bottom line, and actively expand more payment cooperation scenarios, to provide users with more secure and convenient payment services, to help promote the high-quality development of the payment industry.

According to Interface News, the record of publicly announcing connectivity between WeChat Pay and UnionPay dates back to 2020.

On January 3, 2020, China UnionPay announced a partnership with Tencent's Caifutong on the interconnection of barcode payments. At the same time, China UnionPay and Caifutong are jointly studying the bar code payment interconnection technology solution to establish a better network of bar code payment services for consumers.

However, due to multiple factors, the two previous interconnection plans have had "little effect", and most users still know little about the results of the payment cooperation.

Wang Pengbo, a senior analyst at Broadcom Analytics, told reporters that since 2020, WeChat Pay and UnionPay have studied connectivity technology solutions, but the pace of connectivity has been hampered by the outbreak in early 2020. Today, the impact of the outbreak has diminished, the overall market stability is good, coupled with regulatory level of antitrust requirements, the two payment giants have once again made great progress in connectivity. In general, connectivity is good for both parties, providing more payment scenarios for cloud flash and more possibilities for reactivating users and increasing user stickiness at the operational level.

In the follow-up, he said, the focus of connectivity between payment giants needs to be addressed on how to ensure the legitimate rights and interests of the platform on the basis of good wind control, data management and profit distribution.

In the long run, payments are still subject to control of the scene. Pay as the entrance of the traffic will slowly divert, in the user's mind has matured under the premise, who has a deeper degree of control over the relevant scene, or in the entire industrial chain more voice, more access to the user's favor.

In addition, another issue worth focusing on is the issue of fees and diversions. After the offline scanning code interconnection, the relevant application should pay the code plate's laying party to pay maintenance, promotion and channel costs;

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