UnionPay International Enhances Global QR Code Payment Interoperability

UnionPay International has facilitated the trial operation of China's Cross-border Interconnection Gateway (CPG), which began in late July. This development aims to enable institutions to achieve cross-border QR code interoperability. The CPG provides services like unified interfaces and real-time transaction monitoring, enhancing global QR code payments' efficiency and security.

CPG's pilot launch benefits both Chinese and international partners, simplifying system integration and promoting unified standards for cross-border payments. It enables overseas wallets to gain broader acceptance and supports centralized management of transactions, ensuring secure services for global users.

UnionPay's efforts have resulted in significant growth in transactions using overseas-issued cards and wallets in China's mainland, with a 111% year-on-year increase. Internationally, UnionPay collaborates with 19 countries to bolster QR code payment acceptance, integrating over 170 wallets, and covering 30 countries and regions.