ICBC QR Code Payment, the Bank’s mobile payment product launched in July 2016, has delivered strong growth. As the first product of its kind among Chinese banks, it is now available to over 1.5 million merchants, basically forming a secure and efficient payment network.

According to an official of ICBC, the ICBC QR Code payment is mainly intended for small and micro-amount payments, with scenarios from “arteries” such as large hotels, supermarkets, department stores, to “capillaries” such as convenience stores, gas stations, cafes, and fast-food restaurants. In addition, ICBC has also used the ICBC QR Code payment to explore business and financing needs of SMEs via big data technology. By providing comprehensive financial services such as credit financing, deposit and wealth management, electronic banking, payroll payment agency, the data-based, pure credit, and full online financing products may reduce the barrier and cost for small businesses to access financial services, and help mitigate their financing difficulties. For instance, ICBC has developed Easy Loan corporate card, a small-amount, unsecured and revolving product for small and micro businesses based on the merchants’ turnover, which has provided more than RMB 16 billion of credit loans to 14,000 merchants, with each loan averaging RMB 150,000.

The ICBC QR Code payment has all the features of mainstream QR code scanning products in the market. Featuring a new service pattern of immediate needs, immediate response, and real-time solution, it provides customers with a convenient, safe,integrated online and offline financial service. Customers can activate the QR Code payment on a smart phone or other mobile devices by registering and logging on to apps such as ICBC Link and ICBC Mobile using an existing bank card subject to ID verification. In payment process, customers do not need to enter the phone number, bank card account, verification code or other information, realizing one-touch payment with higher payment efficiency. In terms of security, ICBC uses innovative Token technology to vary and hide the real card number information, set limits for single and daily transactions, applies 7 * 24-hour real-time monitoring and intervention, and verifies large transactions. These measures provide whole-process security for customers’ funds and information. In terms of compatibility, the product is open to all customers (including customers from other banks and overseas customers), and supports customer scanning merchant’s QR code and merchant scanning customer’s QR code, covering both online and offline and O2O consumption scenarios.