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]

Core Viewpoint - The speech by General Secretary Xi Jinping at the fourth "Belt and Road" construction work symposium emphasizes the need for strategic confidence and determination to create a brighter future for the "Belt and Road" initiative, highlighting the importance of payment systems in achieving economic and cultural connectivity [1]. Group 1: Company Strategy and Development - China UnionPay's internationalization strategy has been continuously advanced since the "Belt and Road" initiative was proposed in 2013, focusing on high-level openness and cooperation [2]. - The company adheres to the principles of shared consultation, cooperation, and mutual benefit, leveraging its network, products, technology, and standards to support the "Belt and Road" markets [2][3]. - UnionPay is committed to expanding its card acceptance and issuance in "Belt and Road" countries, with nearly 90% of these markets now able to accept UnionPay cards [4]. Group 2: Payment Network Expansion - UnionPay has significantly increased its acceptance network, with coverage in various sectors such as airports, supermarkets, and restaurants, achieving over 90% acceptance in markets like Italy, New Zealand, and Turkey [4]. - The company has issued nearly 200 million UnionPay cards in "Belt and Road" countries, with one-third of these markets having local card issuance [4][5]. - UnionPay is actively promoting mobile payment products tailored to local payment habits, launching over a hundred UnionPay standard e-wallets in several markets [5]. Group 3: Technological Standards and Infrastructure - Since 2017, UnionPay has shifted its focus from traditional card services to deep cooperation on technical standards, promoting its systems and standards internationally [6][7]. - The company has participated in building financial payment infrastructure in countries like Laos and Thailand, enhancing local payment capabilities [6]. - UnionPay has developed local QR code payment standards in collaboration with other card brands in Thailand and Singapore, gaining recognition from local regulatory bodies [7]. Group 4: Future Plans and Initiatives - UnionPay's "Jinxiu Action 2024" aims to enhance payment convenience for foreign visitors to China, optimizing acceptance environments in key cities and various service sectors [8]. - The company plans to deepen its acceptance network and promote cross-border QR code network cooperation, particularly in Southeast and Central Asia [10]. - Future initiatives include localizing services to better meet user needs, seizing cross-border trade opportunities, and accelerating the establishment of payment technology standards [10].