Dong Ximiao: Cross-border QR code unified gateway will enhance payment convenience and expand RMB cross-border settlement.

On September 16, Lu Lei, Deputy Governor of the People's Bank of China, stated at the 14th China Payment and Settlement Forum that China's cross-border QR code unified gateway had been put into trial operation at the end of July. "QR code payment, as an emerging payment method in the era of mobile payment, has gradually increased its share in cross-border payments due to its multiple advantages such as convenience and security. China, as the world's largest market for QR code applications, accounts for more than 70% of the global QR code payment market, and QR code payment is widely used. By building a unified gateway, a unified external interface for cross-border QR code payment services is formed at the national level, supporting domestic and foreign institutions to engage in outsourcing and insourcing business after access, processing transactions in both QR code master scan and slave scan modes. The unified gateway is like a 'translator' and 'dispatcher', which helps achieve interoperability of different countries' QR code payment systems through technical integration and business integration, and has many positive effects," said Dong Ximiao, Chief Researcher of Zhonglian and Deputy Director of the Shanghai Financial and Development Laboratory.