Alipay’s scope is to offer payment clearing services through UnionPay. As UnionPay has already announced a QR code payment partnership with WeChat Pay, the Alipay’s partnership with a payment clearing organization has been inevitable and also forms part of a nationwide trend.
Since 2017, China’s aim has been reaching for regulating online payments, thus setting up a new clearinghouse to act as an intermediary between third-party payment platforms and banks. In order to comply with any regulations, an agreement with UnionPay has been in order.
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