QRcodescanstreamlinethepaymentprocessbyeliminatingthemostcumbersomesteps,suchasenteringyouraccount,swipingyourcardandsign,andgettingchange.UsingaQRcodetoprocesspaymentmakesmanyusersfeelmorecomfortable.Recently,thePayment&ClearingAssociationofChinahasissuedBarCodePaymentNorms(exposuredraft),whichspecifiesstandardsforsafebarcodepaymentservice.
InMarch2014,thePeople鈥檚BankofChina,thecountry鈥檚centralbank,bannedQRcodepaymentserviceduetotheabsenceofcommonstandardsintermsoftechnology,verification,andcertification.However,third-partypaymentserviceprovidersandsometraditionalfinanceinstitutionsdidn鈥檛stopattemptstoexploreQRcodepayment.AlipayandWeChat,boththird-partypaymentplatforms,launchedthesafer鈥渂escanned鈥漨odethatenablescashierstoscanaQRcodeprovidedbythecustomers.Theregulatorshaveacceptedthismodesinceitemerged.
TheexposuredraftisthefirstofficialsupportofQRcodepayment,whichmeansthatChina鈥檚traditionalfinancialinstitutionswillofficiallyendorseQRcodepayment.IndustrialandCommercialBankofChinalauncheditsownQRcodepaymentproductassoonasthepolicywasreleased,makingitthefirstdomesticcommercialbanktooffersuchaproduct.ChinaUnionPayannouncedthatithadbeguntobuilditsownQRcodepaymentsystemaccordingtotheNorms.Fromnowon,traditionalbanksandstate-backedpaymentplatformswilladapttothetrendsof鈥淚nternetPlus鈥漚ndbecomemajorforcesinQRcodepayment.
QRcodepaymentisthemostconvenientandpopularmodeofpaymentsofar.Oncesafetyrisksareeliminated,QRcodepaymentslookverypromising.
AccordingtotheOverviewofPaymentSystemsinFirstQuarterof2016releasedbythePeople鈥檚BankofChina,bankingandfinancialinstitutionshandlede-paymentsof793.97trillionyuaninthefirstquarterofthisyear,ofwhich5.615billiontransactionsweremadethroughmobilepaymentsforatotalsumof52.13trillionyuan,stillminisculecomparedtothetotal.MobilepaymentswilldefinitelygaingreatermomentumonceconstraintsonQRcodepaymentsarerelievedthroughsoundregulationandriskcontrolmeasures.
October24,2015:AcustomerbuysfoodbyscanningtheQRcodewithasmartphoneinQingdao,easternChina鈥檚ShandongProvince.ThegovernmentencouragesparticipationinQRcodepayment.AnalystspredictthatChina鈥檚QRcodepaymentageisonthehorizon.