Closer Look: Is UnionPay Really Trying to Handle Payments with QR Codes?

(Beijing) – Many news organizations have recently reported that UnionPay is going to start a type of payment business using a technology the central bank deemed unsafe a few months ago.

However, a source with knowledge of the situation said UnionPay, a state-backed company whose payment subsidiary competes with third-party payment companies, is not launching a quick-response (QR) code transaction business. It is only providing technical support to a payment company that wants to use UnionPay's influence to generate pre-launch buzz.