UnionPay, China’s state-run card network with a near monopoly over the country’s payment card ecosystem, announced the official launch of its new QR payment system in partnership with over 40 commercial banks, according to ECNS.
Customers can leverage the apps of participating banks to make QR code payments, which means the card network will be able to offer a payment option similar to that of rivals Alipay and WeChat Pay.
UnionPay is hoping to capture a larger share of mobile payments in a space that's controlled by two companies.
Read more here: http://www.businessinsider.com/unionpay-takes-on-alipay-wechat-pay-2017-6
