Core Viewpoint - The speech by Lu Lei, Deputy Governor of the People's Bank of China, emphasizes the significant progress in the payment industry, highlighting the need for high-quality development through payment interconnectivity and technological innovation [1] Group 1: Industry Development - The payment services have significantly improved in quality and efficiency, supporting the real economy [1] - Continuous efforts from various industry stakeholders have led to deeper governance and robust financial infrastructure [1] - The construction of a modern payment system has achieved new results, with high-level openness being continuously promoted [1] Group 2: Cross-Border Payment Initiatives - The interconnectivity of payment systems between mainland China and Hong Kong was achieved in June, followed by the trial operation of a unified cross-border QR code gateway in July [1] - The unified gateway adheres to principles of publicness, inclusiveness, and accessibility, allowing qualified market entities to engage in cross-border QR code payment services [1] - The People's Bank of China will guide industry stakeholders to further promote cross-border payment interconnectivity, enhancing global financial networks [1] Group 3: Technological Innovation - The payment industry is urged to accelerate technological innovation to enhance digital payment levels and maintain a leading edge [1] - A balance between security and development is emphasized, with a focus on maintaining safety standards while promoting innovation [1] - Industry stakeholders are encouraged to innovate within compliance frameworks, ensuring that development outcomes reinforce safety foundations [1]

Core Viewpoint - The speech by Lu Lei, Deputy Governor of the People's Bank of China, emphasizes the significant progress in the payment industry, highlighting the need for high-quality development through enhanced interconnectivity and technological innovation in payment services [1] Group 1: Industry Development - The payment services have improved in quality and efficiency, supporting the real economy through collaborative efforts from various industry stakeholders [1] - The construction of a modern payment system has achieved new results, with ongoing high-level openness and deepening industry governance [1] Group 2: Cross-Border Payment Initiatives - The interconnectivity of payment systems is essential for high-quality development, as demonstrated by the successful implementation of the cross-border QR code unified gateway, which began trial operations in late July [1] - The unified gateway adheres to principles of publicness, inclusiveness, and accessibility, allowing eligible market entities to engage in cross-border QR code payment services [1] Group 3: Technological Innovation and Security - The payment industry is urged to accelerate technological innovation to enhance digital payment levels and maintain a leading edge in the global market [1] - A balance between security and development is crucial, with a focus on compliance and innovation to ensure a solid foundation for high-quality development in the payment sector [1]

Core Viewpoint - The launch of the Cross-Border QR Code Unified Gateway aims to enhance cross-border payment efficiency and standardization, addressing existing issues in the payment infrastructure [1][4][5]. Group 1: Unified Gateway Overview - The Unified Gateway is a cross-border payment infrastructure developed under the guidance of the People's Bank of China, allowing domestic and foreign institutions to collaborate through a single interface [1][4]. - Prior to the Unified Gateway, cross-border payments faced challenges such as inconsistent standards and inefficient "pairwise connections" between institutions, which hindered the overall effectiveness of China's payment industry [1][4]. - Since its trial operation began in late July, the Unified Gateway has processed 1.981 million transactions amounting to 427 million yuan by September 11 [1]. Group 2: Benefits and Changes - The Unified Gateway supports real-time processing of transaction information, significantly improving the efficiency and user experience of cross-border payments [2][7]. - It reduces the system connection costs for institutions and minimizes resource waste from multiple system upgrades [4][6]. - The establishment of a unified standard for foreign wallet institutions enhances the efficiency of wallet integration and promotes fair competition in the cross-border payment market [4][6]. Group 3: Participation and Expansion - Institutions eligible to connect to the Unified Gateway include wallet institutions, acquiring institutions, and financial infrastructures, which must meet specific criteria to participate [6]. - The Unified Gateway has already partnered with several domestic and international institutions, including China UnionPay and various wallet providers across Southeast Asia [6]. - Future plans include expanding the range of participating institutions and enhancing cross-border payment connectivity [6]. Group 4: User Experience and Security - The Unified Gateway allows for various transaction types, including both "merchant scanning" and "user scanning" modes, ensuring a seamless user experience [7]. - The system is designed to be secure, adhering to international standards for risk prevention and operational safety, including compliance with KYC and anti-money laundering regulations [8]. - It features a multi-center deployment strategy to ensure high availability and resilience against system failures [8].

Core Insights - The 14th China Payment and Clearing Forum was held in Beijing, focusing on building a connected payment ecosystem and sharing the future of digital finance [1] - Dong Junfeng, Secretary of the Party Committee of China UnionPay, emphasized the importance of connectivity and collaboration in the payment industry, highlighting significant achievements in payment interconnectivity in recent years [1] - The ideal interconnected ecosystem should break institutional boundaries, promote consensus, and ensure mutual benefits among all parties involved in the payment value chain [1][2] Summary by Categories Vision for Interconnected Ecosystem - The vision includes "harmonious coexistence," where various financial institutions recognize and reward each other's unique contributions without undermining any party's interests [1] - The "blooming competition" vision encourages a shift from price competition to providing high-quality products and services based on unified regulatory standards [2] - The "inclusive openness" vision aims to lower costs for institutions to access networks, thereby enhancing the vitality of the payment network and achieving "Pareto optimality" [2] - The "steady and far-reaching" vision emphasizes that safety and compliance are fundamental principles that must be upheld within the regulatory framework [2] Initiatives by China UnionPay - China UnionPay is collaborating with industry stakeholders to explore a new high-quality interconnected ecosystem, including the establishment of a "new four-party model" to clarify roles and responsibilities [2] - The initiative includes a focus on "going global" by promoting Chinese payment products, brands, and standards in countries and regions along the Belt and Road [2] - There is an effort to develop a "cloud-management-end" system to facilitate resource aggregation, connection, and distribution, ensuring precise matching of supply and demand in the industry [2]

Core Insights - The 14th "China Payment and Clearing Forum" was held in Beijing, focusing on building a connected payment ecosystem and sharing the future of digital finance [1] - The People's Bank of China (PBOC) is committed to high-quality development of the payment industry, enhancing financial services, and supporting the construction of a strong financial nation [1] Group 1 - The PBOC has successfully constructed new pathways for interconnectivity in rapid payment systems, with the interconnection between mainland China and Hong Kong's rapid payment systems achieved in June this year [2] - Cross-border QR code payment interconnectivity has made significant progress, with the PBOC promoting payment service facilitation for foreign visitors to China, enhancing economic activity through retail payment interconnectivity [2] - As of September 11, the newly launched unified gateway for cross-border QR code payments processed 1.981 million transactions, amounting to 427 million yuan [2] Group 2 - China UnionPay and other clearing companies are actively promoting QR code interconnectivity with countries like Thailand, Vietnam, and Indonesia, aiming to enhance cross-border payment cooperation [2] - The domestic QR code payment interconnectivity is progressing in an orderly manner, with the payment clearing association and market entities collaborating to reduce barriers between different payment networks [2]

Core Insights - The development of AI large models is transforming search experiences, allowing users to make travel arrangements seamlessly through AI recommendations and one-click payments [1] - China UnionPay showcased its innovative payment technologies at the 12th China International Fair for Trade in Services, emphasizing the integration of AI and payment solutions [2][4] Group 1: AI and Payment Integration - China UnionPay's intelligent payment service enables a commercial closed loop from information provision to payment, enhancing user experience [4][5] - The service supports various scenarios including travel planning, knowledge payment, utility bill payments, and online shopping, streamlining the payment process across different platforms [5] - The MCP (Model Context Protocol) payment service allows AI to analyze user needs and execute transactions without leaving the AI interface, ensuring a seamless experience [5][6] Group 2: Financial Cloud Solutions - China UnionPay introduced a new generation of cloud solutions that integrate AI technology, enhancing the efficiency of financial services for industry partners [7][8] - The AI IaaS, PaaS, and SaaS services provide comprehensive support for AI development, including data processing and model training, catering to various client needs [8][9] - The AI-enhanced cloud solutions have significantly improved service efficiency, as demonstrated by a healthcare unit that reduced report generation time to under 40 seconds [9] Group 3: Cross-Border Payment Expansion - China UnionPay's global acceptance network has expanded to 183 countries and regions, facilitating cross-border payments for users [11][14] - The company has implemented a new "four-party model" to enhance cross-border payment interoperability, collaborating with local payment networks in 19 countries [14] - UnionPay's initiatives include promoting mobile payment solutions for inbound tourists, enhancing their experience in China [16][19] Group 4: Tax Refund Services - China UnionPay has launched a new departure tax refund service aimed at improving payment convenience for foreign visitors, creating a closed-loop service from consumption to tax refund [20] - The service integrates various payment capabilities and has already been implemented in multiple provinces, enhancing the overall experience for international consumers [20] Group 5: Future Development Strategy - China UnionPay aims to accelerate the digital transformation of the payment industry, focusing on platformization, intelligence, and globalization to strengthen its role in supporting industry development [21]

Core Viewpoint - Mastercard and UnionPay have detected unauthorized transactions in China and are taking immediate action to protect cardholders' financial security [1] Group 1 - Mastercard and UnionPay have initiated an emergency investigation in collaboration with issuing banks to trace the source of risks [1] - A special task force has been established to block potential risks and ensure the safety of cardholders' funds [1] - The companies are working together to implement processes that guarantee the protection of affected cardholders from incurring losses that should not be their responsibility [1]

Core Viewpoint - The article highlights the significant role of China UnionPay in promoting the integration of culture and tourism, showcasing various initiatives aimed at enhancing consumer engagement and supporting the high-quality development of the cultural tourism industry [1][4]. Group 1: Event Overview - The 2025 China Cultural Tourism Industry Expo opened in Wuhan, focusing on "Deepening Cultural and Tourism Integration for a Better Life" [1]. - The event is organized by the Ministry of Culture and Tourism, featuring a "Hundred Cities, Hundred Districts" cultural and tourism consumption exhibition area [1]. Group 2: Government and Financial Collaboration - China UnionPay, in collaboration with commercial banks and cultural tourism enterprises, has implemented the "Hundred Cities, Hundred Districts" initiative for three consecutive years, driving cultural tourism-related consumption exceeding 2 trillion yuan [4]. - The "Jinxiu Action" has been promoted, supporting 131,000 key scene merchants to accept UnionPay cards, enhancing payment convenience for users [4]. Group 3: Consumer Engagement Initiatives - UnionPay has launched various platform-based activities to stimulate consumer enthusiasm, including support for government-issued consumption vouchers and the development of new business formats [6]. - Notable activities include Shanghai's "Le You Series," Qinghai's "Mountain Source Water, Enjoy Qinghai" vouchers, and Shandong's "Food Super Competition," benefiting over 10 billion people and covering more than 60,000 cultural tourism enterprises [6]. Group 4: Digital Service Development - UnionPay is exploring cross-scenario integration, collaborating with ticketing platforms to launch innovative consumption activities linked to events and performances [8]. - The establishment of the "Tourism Economy Key Laboratory" and "Tourism Consumption Big Data Joint Laboratory" aims to provide comprehensive services for cultural tourism departments and investment groups, serving over 200 cultural tourism units [8]. Group 5: Future Directions - The participation in the expo represents an important practice for China UnionPay in deepening cooperation and supporting the cultural tourism industry [8]. - The company aims to continue its commitment to "Payment for the People," collaborating with various industry stakeholders to promote innovative integration in cultural tourism [8].

Core Insights - The report highlights the significant role of card organizations in promoting the high-quality development of the payment industry, emphasizing their contribution to the service of the real economy and digital transformation [1][4] Industry Trends - The global payment industry is undergoing profound changes, characterized by a dual trend of "regionalization" and "infrastructure development," with real-time payment systems and regional interconnectivity advancing rapidly [2] - Technologies such as artificial intelligence, big data, cloud computing, blockchain, and biometrics are reshaping payment processes and user experiences [2] Characteristics of China's Payment Industry - China's payment industry has developed a globally leading scale, deep technological penetration, and a diverse ecosystem, with a parallel issuance model of physical and digital cards becoming mainstream [2] - Digital wallets are emerging as the core payment tool due to their convenience, while various payment methods like card swiping, QR codes, and contactless payments are widely adopted in high-frequency, low-value transaction scenarios [2] - Collaboration among diverse market players, including commercial banks, card organizations, non-bank payment institutions, and service providers, is enhancing industry efficiency through standardization and optimization of clearing processes [2] Unique Practices of Card Organizations in China - China UnionPay is focusing on the global payment industry's innovation trends and digital transformation, integrating multiple resources to support the entire payment industry's innovation chain [3] - The organization is designing differentiated payment services to support government consumption promotion initiatives and exploring innovative paths to release consumption potential [3] - UnionPay is also deepening the application of new technologies like AI and IoT in the payment industry, promoting global payment ecosystem construction through cross-border payment interconnectivity [3] Value of Card Organizations - Card organizations continue to demonstrate irreplaceable core value in the high-quality development of China's payment industry, enhancing payment experiences and building a secure, globally compatible, and open interconnected industry mechanism [4] - They play a crucial role as implementers of policy, leaders in standard setting, and facilitators of ecosystem co-creation, ensuring the long-term healthy development of the payment industry [4]

Group 1 - The report emphasizes the global focus on "regulatory consistency" and "penetrative regulation" in the payment industry, aiming for a dynamic balance between fair competition, risk prevention, and innovation incentives [1] - New payment methods such as Account-to-Account (A2A) payments, Buy Now Pay Later (BNPL), and cryptocurrency wallet payments are rapidly developing, reflecting the market's pursuit of efficient and diverse payment tools [1] - The report acknowledges China's payment industry achievements, highlighting a leading global scale, deep technological penetration, and a diverse ecosystem characterized by parallel issuance of physical and digital cards, with digital wallets becoming core payment tools [1] Group 2 - The report outlines the transformation path of card organizations in the global payment industry, noting Visa's shift from a traditional four-party settlement network to an open ecosystem, extending its value boundary from transaction processing to capability output [2] - Visa's card business continues to show vitality, evolving into a multi-engine structure of "consumer payments + commercial payments and fund flows + value-added services" [2]