China UnionPay reached settlement and cooperation with Alipay

China UnionPay reached settlement and cooperation with Alipay

The Shanghai News Agency (reporter Wei Qian) confirmed that the China Securities Daily and Alipay have held an internal signing ceremony on September 10th to reach relevant cooperation on payment and settlement business.

However, in connection with the above information, UnionPay and Alipay both said they would not respond today.

Since 2016, the people's Bank of China has made repeated efforts to rectify the third party payment industry and clear up the market chaos. Among them, the most critical is to require third-party payment institutions to disconnect from the bank by June 30 this year (the industry is referred to as "6.30 disconnected direct connection"), access to the legitimate liquidation organization, namely UnionPay or UnionPay.

In the view of the industry, the "disconnection" is beneficial to supervise and control the flow of funds and information of payment institutions, in order to clean up the market; the second is to break the operation mode and business ecology of the payment industry for more than ten years.

The two giants that pay the market -- Alipay and Cai Fu Tong are the leading characters in direct succession. As early as April this year, Cai Fu Tong and the UnionPay reached the bar code payment cooperation. On the Alipay side, there has been news of cooperation with UnionPay and Internet Federation. But UnionPay was quick to deny the market rumors; UnionPay was quick to delete the announcement, and then add the announcement that "is still in the negotiation of individual details".

Since then, until June 30th this year, no news of new progress has been heard.

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