Alipay may get global boost through EMVCo
China's Ant Financial Group, the company behind Alipay, was among eight companies that EMV standards governing body EMVCo has named as technical associates to its secure-payment consortium.
In naming Ant Financial and its QR-code platform for payments, it is possible that EMVCo may integrate Alipay's system into global standards, Chinese business and technology site Caixin reported.
Other companies becoming technical associates include Switzerland's Truxtun Capital; Japanese technology company NTT Data; and German electronic device testing and certification lab CTC Advanced.
EMVCo sets secure-payments standards for those adopting chip technology in the global marketplace. Visa, Mastercard, JCB, American Express, China UnionPay and Discover own and operate EMVCo.
"These organizations have the opportunity to provide input to, and receive feedback on, detailed technical and operational issues connected to the EMV specifications and related processes," EMVCo said in a statement.
EMVCo has previously established QR code payment specifications, but Ant's Alipay represents a top wallet in a fast-growing mobile payment market.
While many mobile wallets worldwide operate through Near Field Communication chips embedded in smartphones, the QR code is becoming increasingly common in China.
UnionPay and its member banks recently developed QR code standards to be able to compete with Alipay and WeChat Pay in China. It quickly became an operating standard in the UnionPay QuickPass mobile payment product, complementing the standard wallet that operates on NFC.