China UnionPay announced standards for a QR code payment service this week, in a move to take on mobile payment giants Tencent and Alipay.
The bank card association's members include most major banks in China. A UnionPay spokesperson told the Global Times that Industrial and Commercial Bank of China (ICBC) and Minsheng Bank have begun conducting trials for a QR code payment service based on the new standards.
The market for mobile payments is huge in China, nearly "equal to that of mobile internet" a Beijing-based analysts told the Global Times.
UnionPay faces stiff competition from Alipay and Tencent, which have 55.4 percent and 32.1 percent of total market share, respectively.
Better late than never, we suppose.
[Image via Caixin]