Thunes, which claims to be the Smart Superhighway to move money around the world, announced the introduction of its QR Code Payments solution.
This allows Members of the Thunes’ Direct Global Network – including mobile wallets, neo-banks, and banks with mobile capabilities – to “connect directly to China’s QR code payment systems operated by the Digital Currency Institute (DCI) and NetsUnion Clearing Corporation (NUCC).”
Now, users of foreign mobile wallets and financial apps traveling to China can seamlessly make payments by “scanning merchant-presented QR codes for payment methods like e-CNY, Alipay, and WeChat Pay.”
As China supports its visa-free travel policies initiative to boost international tourism, Thunes’ launch of the QR Code Payments solution is “timely.”
With an expected increase in foreign travelers, the option to pay using QR codes, the “preferred” payment method in China, is vital for “providing a smooth, convenient, and local-like experience when visiting China.”
According to the Payment System Report, released by the People’s Bank of China, there has been “a 25% reduction in ATMs over the past six years, highlighting the accelerating shift toward a cashless economy.”
Foreign travelers face challenges when paying: traditional foreign credit cards are seldom accepted, “especially in street shops and at small to medium-sized merchants.”
Travelers need to register with local Chinese payment apps that “request sensitive personal data, causing friction and inconvenience.”
Thunes’ QR Code Payments solution addresses pain points by offering a user-friendly payment experience for end-users of “foreign financial apps” such as mobile wallets and neo-banks.
Thunes is working with Members of Thunes’ Direct Global Network, such as Airtel, Hanpass (South Korea), Singtel Dash (Singapore) to make the QR Code Payments solution available for their customers traveling to China.
Other Members are expected to join soon, “expanding the reach and impact of this innovative solution.”
Thunes’ Direct Global Network allows Members to make payments in real-time in 130+ countries and 80+ currencies.
Thunes’ Network connects directly to over 7 billion mobile wallets and bank accounts worldwide, via more than “320 different payment methods, such as GCash, M-Pesa, Airtel, MTN, Orange, JazzCash, Easypaisa, AliPay, WeChat Pay and many more.”
Thunes’ Direct Global Network differentiates itself via its reach, SmartX Treasury System and Fortress Compliance Platform, ensuring Members of the Network receive “speed, control, visibility, protection, and cost efficiencies when making real-time payments, globally.”
Members of Thunes’ Direct Global Network include gig economy firms like Uber and Deliveroo, super-apps like Grab and WeChat, MTOs, fintechs, PSPs and banks.
Headquartered in Singapore, Thunes has offices in 15 other locations.