Thunes, the cross-border payment infrastructure provider, has launched a new QR Code Payments solution, enabling users of foreign mobile wallets and financial apps to make payments by scanning local merchant’s QR codes.
Through the launch, members of the Thunes Direct Global Network, including mobile wallets, neo-banks, and banks with mobile capabilities, connect directly to China’s QR code payment systems operated by the Digital Currency Institute (DCI) and NetsUnion Clearing Corporation (NUCC).
Following these, foreign travellers in China can easily make payments by scanning merchant-presented QR codes for payment methods like e-CNY, Alipay, and WeChat Pay, enhancing the travel experience for millions.
As China promotes its visa-free travel policies initiative to boost international tourism, Thunes says the launch of the QR Code Payments solution is timely. With an anticipated surge in foreign travellers, the ability to pay using QR codes, the preferred payment method in China, is crucial for providing a smooth, convenient, and local-like experience when visiting China.
Floris de Kort, CEO of Thunes, said: “With this launch, we’re empowering our members to provide their app users the convenience of paying like a local in China, quickly, dependably, and with full transparency. By enabling Thunes’ Chinese QR code payments into their apps, mobile wallets, neo-banks, and financial institutions can enhance the user experience while unlocking new revenue streams and leading the way in global payment innovation.”
According to the Payment System Report, published by the People’s Bank of China, there has been a 25 per cent reduction in ATMs over the past six years, highlighting the accelerating shift toward a cashless economy. Meanwhile, Forbes reports that mobile payments now account for over 85 per cent of all transactions in China.
Embracing QR payments
Foreign travellers often face significant challenges when paying: traditional foreign credit cards are rarely accepted, especially in street shops and small to medium-sized merchants. Travellers typically need to download and register with local Chinese payment apps that request sensitive personal data, causing friction and inconvenience.
Thunes’ QR Code Payments solution addresses these pain points by offering a secure, and user-friendly payment experience for end-users of foreign financial apps such as mobile wallets and neo-banks.
Thunes is already working with members of its Direct Global Network, such as Airtel, Hanpass (South Korea), m-Pesa (Kenya), and Vodacom (Tanzania), to make the QR Code Payments solution available for their customers travelling to China.
“Airtel Money has been a long-standing member of Thunes’ Direct Global Network, and Thunes continually adds value for us and our mobile wallet users,” adds Ian Ferrao, CEO of Airtel Money. “Thanks to their innovative solution, Thunes’ QR Code Payments will serve as a lifeline for African travellers, allowing them to effortlessly navigate China’s digital payment landscape and make purchases with ease, enhancing their overall travel experience.”
Jay Choi, head of growth strategy at Hanpass, concluded: “As a Member of Thunes’ Direct Global Network, we can offer our customers instant and dependable cross-border payment solutions. With the Thunes’ QR Code Payments capability embedded in our application, Koreans visiting China will be able to pay local merchants without the hassle of managing cash or the fear of a transaction being declined. Thunes’ innovation enables our mission to always provide the most user-friendly services to our customers.”
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