Connectivity ushers in new progress.
On May 20, WeChat payment announced the interconnection of personal code and commercial collection code with JD Financial, wallets of three major communication operators and other apps. On the same day, JD Pay announced that this interconnection and interworking is based on JD Financial App. At the level of merchant code interworking, it has been piloted in some merchants first, and will gradually open up and interworking.
On May 21, WeChat payment said to the reporter of Securities Daily that it would continue to open and communicate in the future to provide users with more payment options.
From the perspective of WeChat payment end, since 2020, WeChat payment has continued to promote openness and interoperability with institutions in multiple scenarios. This cooperation is to further connect WeChat payment personal codes with the wallets of three major operators and JD payment commercial collection codes on the basis of WeChat payment personal codes interconnection with China Mobile's "Hebao App", China Telecom's "Wing Payment App" and China Unicom's "WoWallet App" in 2023.
The reporter learned from JD Pay that this barcode interconnection provides users with more diversified payment options without adding code cards or changing the collection function of the platform. From the JD end operation, users can not only pay by scanning the WeChat collection code through JD Financial App, but also get a daily payment discount. The vast majority of mobile payment users represented by SMEs and consumers can benefit from this interconnection.
"The cooperation between JD Pay and WeChat payment platforms will further demonstrate the demonstration effect of connectivity and promote the industry to accelerate reform and achieve win-win results. There are many collection codes on the market, which can be divided into Alipay collection codes, WeChat collection codes, bank collection codes and aggregate payment collection codes according to different payment platforms." China (Shanghai) Liu Bin, director of the Financial Research Office of the Free Trade Zone Research Institute, gave reporters an example. Taking JD Pay and WeChat Pay as examples, after the two sides are interconnected, JD payment users can not only scan the QR code of JD Financial App to pay the merchants' WeChat collection code, but also scan the WeChat personal code to transfer money. This interworking provides users with more diversified payment options.
In addition, it was introduced that the interconnection between WeChat payment and JD payment barcode was finally realized through the unified business rules and technical standards of the clearing company under the active cooperation with the clearing company and other institutions.
Connectivity is not only a matter of technology, operation and pattern, but also requires a large amount of resources to achieve in a real sense. The relevant person in charge of JD Pay told the reporter: "This interconnection focuses on small amount and convenient services, introduces JD's online advantages accumulated for many years offline, forms a comprehensive interconnection covering WeChat personal code and business code, serves individual businesses, small and medium-sized enterprises, and grants benefits to users."
In the opinion of Wang Pengbo, a senior analyst in the financial industry of Broadcom Consulting, this cooperation between WeChat payment and JD payment is an important node in the process of promoting connectivity in the payment industry, which will play an exemplary role in the future barcode connectivity between payment institutions, especially between platforms.
At present, China's mobile payment penetration rate has reached 86%, leading the world. After decades of development, it has formed an extensive, safe and efficient payment and clearing system. By the end of last year, the annual transaction volume of payment institutions had exceeded 1 trillion, serving more than 1 billion individuals and tens of millions of merchants.
From the perspective of the industry, barcode interconnection has become an important topic in the payment industry in recent years. The offline scenario is reflected in the interconnection of barcode payment, while the online scenario is reflected in the support of various Internet services for different payment methods. Among them, WeChat payment, Alipay, UnionPay cloud flash payment, JD payment and other institutions are actively promoting.
After sorting out, WeChat payment has supported the payment interconnection of nearly 30 banks, including industry, agriculture, China, construction, transportation and postal savings, as well as UnionPay cloud flash payment and other institutions. In November 2023, China Mobile "Hebao", China Telecom "Wing Payment", China Unicom "Wo Wallet" and WeChat payment under the three major operators realized personal code interworking. This time, WeChat payment has further opened up the interconnection between the wallets of the three major operators and JD payment commercial collection codes.
At the same time, in all pilot areas of digital RMB, WeChat payment commercial collection codes and business collection codes have supported digital RMB App code scanning payment.
Liu Bin said: "From the perspective of WeChat payment, this breakthrough lies in the interconnection of personal codes with the three major operators last year, while at present WeChat payment has further achieved the interconnection of commercial collection codes with the three major operators; From the payment end of JD, the significance of this time is that WeChat payment and JD payment have realized the interconnection of personal code and commercial collection code, which will play a positive role in the future development of JD payment, help break the existing industry pattern, and create a fair competition market environment. "
