China UnionPay and Tencent to use integrated QR codes for mobile payment ease

Integrated QR Codes - Quick response code on mobile phone

The goal of this move is to streamline the transaction experience for consumers and merchants. China UnionPay and Tencent have announced that they will be using integrated QR codes for a smoother checkout experience while using mobile payments. This move could greatly benefit UnionPay in catching up with the market leaders. Bringing together the quick response codes may help UnionPay to take a firmer place into the market in the country. UnionPay is a network top lenders created together. That said, it has not been able to gain nearly as…

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PayPal completes GoPay acquisition required to access Chinese market

GoPay Acquisition - Handshake - acquisition money

The American digital payment firm has now acquired a 70 percent equity stake. PayPal has now confirmed the completion of its GoPay acquisition. The American firm purchased a 70 percent equity stake in the Chinese Guofubao Information Technology company. This represents the first time a foreign payments platform will provide online pay services in China. Through the GoPay acquisition, PayPal will become the first company from outside of China to offer online payment services within the country. The purchase in the majority stake in the company didn’t come as a…

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Mobile order and pay adoption took off this year

Mobile order and pay - businessman using smartphone

A new analysis showed that consumers are increasingly using this opportunity to purchase in advance. The results of a new analysis showed that consumers are adopting mobile order and pay at an increasing rate. The data clearly showed that some forms of retail have become quite successful in its implementation. The research was conducted based on data from the Mercator Advisory Group. That firm published their findings in their report called “Mobile Payments: Making a Comeback.” The report looked at the adoption of mobile order and pay trends as a…

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QR code use in China may fall due to facial recognition technology

QR code use - woman looking at monitor

Quick response codes are widespread for authenticating mobile payments in the country. In China, QR code use for completing mobile payments is as commonplace as the use of traditional credit cards in the United States. However, this could quickly become a thing of the past as more companies look to biometrics such as facial and fingerprint recognition. Tech giants in the country, such as Tencent, are already looking into ways to use biometrics. Most people use mobile phones to complete non-cash payment transactions in China. QR code use is the…

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New PayPal in-store mobile payments option to roll out in 2020

PayPal in-store mobile payments - paying with smartphone

Sometime next year, the online payments company is gearing up to launch in-store payments solutions. A new PayPal in-store mobile payments initiative has been revealed by the company’s CEO Dan Schulman. According to Business Insider, Schulman recently said in an interview with Axios that a digital wallet for physical stores that uses near field communications (NFC) and quick response (QR) code technology, could be part of the upcoming PayPal in-store payments solution. PayPal sees new value in the potential of offering such as system. This won’t be the first time…

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