On June 29, ICBC showcased its QR code payment product developed based on cutting-edge token technology at the Mobile World Congress (the “MWC”) hosted by GSMA.

The product represents ICBC’s financial innovation under the trend of the “Internet Plus” and mobile payment by leveraging the Bank’s IT advantages, which adopts a new service model featuring real-time demand, response and solutions, and can provide customers with user-friendly, safe and integrated financial services (online and offline) 

In terms of user-friendliness, customers can activate QR code payment through mobile devices like smartphones and APPs like ICBC Link registered and logged-in based on existing bankcards after identity information is verified correct. The payment process requires no information such as mobile phone number, bankcard account and verification code, realizing efficient one-click payment. Regarding security, ICBC innovatively uses the token technology and takes safety control measures including card number variation, card number information hiding, limits on single and daily transactions, 7*24h real-time monitoring and intervention as well as large transaction verification to protect customer funds and information in the whole process. In terms of usability, the product is available to all ICBC customers, customers of other banks and overseas customers, which supports both customer scanning merchant’s QR code and merchant scanning customer’s QR code, and covers online/offline and O2O consumption scenarios. It is also compatible with one-dimensional bar code payment, providing consumers with smart, safe, fashionable and convenient mobile payment experience.