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Report: Tencent, China UnionPay integrating QR code systems on payment platforms

Tencent Holdings Ltd. and China UnionPay Co. Ltd. agreed to collaborate on integrating the QR code systems in their mobile payment platforms to allow their respective customers to transfer or spend money using the same scan code, Caixin reported Jan. 7, citing sources familiar with the matter.

Tencent's WeChat Pay and China UnionPay's QuickPass mobile platforms have begun testing out the integrated system on Android devices in Fuzhou, China, the sources said.

The two companies have also reportedly entered an agreement to work together on payment systems based on facial recognition technology, sources close to Tencent and China UnionPay told Caixin.

The companies' agreement supports the Chinese central bank's efforts to integrate mobile payment systems as part of its plan to develop the country's financial technology sector.