Core Insights - The article discusses the importance of establishing mutual recognition and interoperability of QR code standards for cross-border payments, highlighting a new solution launched by China UnionPay [2][3] - China UnionPay has initiated cross-border QR code interoperability projects in 19 countries and regions, with a focus on enhancing the payment experience for residents and promoting economic exchanges [2][3] Group 1 - China UnionPay has introduced a "network interconnection" solution that operates on a dual-track model: government-to-government (G2G) and network-to-network (N2N) [2][3] - A pilot project for cross-border QR code interoperability between China and Indonesia has begun, allowing users in China to make payments at over 39 million QRIS merchants in Indonesia [2][3] - The project is expected to be fully operational by 2025, significantly improving the cross-border mobile payment experience for residents of both countries [3] Group 2 - The G2G model involves central banks of both countries creating a cooperation framework, while UnionPay acts as a liaison for business connections with foreign networks [3] - The N2N model is based on commercial cooperation and has already been implemented in markets such as Singapore, Japan, and South Korea [3] - China UnionPay is expanding its digital payment services in nearly 30 markets, including South Korea, Singapore, Malaysia, Vietnam, Pakistan, and Nepal, by launching over a hundred UnionPay standard e-wallets [3]