WeChat Pay and UnionPay have reached a cooperation: they can scan each other's QR codes

On January 3, sources revealed that China UnionPay and Tencent's Tenpay have recently reached a cooperation on barcode payment interconnection. The two parties are jointly studying the technical solution for barcode payment interconnection and are taking the lead in establishing a comprehensive barcode payment service network with mutual scanning and recognition. In addition, China UnionPay is also promoting cross-institutional barcode payment.

In other words, WeChat Pay, UnionPay and major bank apps will be able to interconnect and scan each other's codes.

WeChat was officially launched on August 5, 2013, and entered the payment industry with the launch of WeChat red envelopes during the Spring Festival of 2014, and has since grown into one of the two giants in the payment industry. As of December 2017, WeChat Pay has more than 800 million card-bound users, has cooperated with nearly 400 banks, and has more than 30,000 service providers.

At the end of 2019, the WeChat Pay team received the company's Founder Award, which was approximately $200 million, with an average bonus of $200,000 per person. This bonus did not include a year-end bonus.

Zhang Xiaolong is well aware of this. He said at Tencent's 2019 annual staff conference that he was aware of everyone's opinions on WXG, mainly focusing on issues such as difficulty in cooperation and high bonuses. Zhang Xiaolong believes that the high bonuses are mainly because the more capable you are, the more you get. This year, the bonuses for the WeChat team may be a little higher, so everyone should be calm.