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Tencent Teams With State-Backed UnionPay on Mobile Payments

  • The deal helps UnionPay expand its slice of the Chinese market
  • Alibaba-backed Ant and Tencent have long dominated the arena
Views of ATM Machines Equiped With Facial-Recognition System in Macau
Photographer: Billy H.C. Kwok/Bloomberg
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Tencent Holdings Ltd. and China UnionPay Co. will soon unify the mobile codes that consumers scan to pay for purchases, granting the Chinese central bank-backed network a bigger foothold in a $27 trillion payments arena.

Tencent and UnionPay have agreed to integrate their QR code systems, allowing their respective customers to transfer or spend money using the same smartphone symbols, state media including Caixin reported on Wednesday, citing unidentified sources. A Tencent representative said the company is collaborating with UnionPay in a number of fields on a trial basis. A UnionPay representative declined to comment.