China UnionPay has announced a cooperation with WeChat Pay to enable cross-border mobile payments in mainland China. This new agreement will allow users of participating wallets in Hong Kong, Taiwan, South Korea, and Malaysia to scan WeChat Pay QR codes to make payments in mainland China. The participating wallets include China Hong Kong's Octopus card, PayMe by HSBC, and Tap & Go. In Taiwan, the participating wallets are Taiwan's iKaarte, Taiwan Mobile, and South Korea's Naver Pay. In Malaysia, the participating wallets are ICBC Mobile Banking. This move is expected to provide more choices for cross-border mobile payments and expand the use of WeChat Pay in the region. According to reports, the cooperation is aimed at promoting the development of cross-border payments in the region and enhancing the competitiveness of China's digital yuan. The use of QR codes for cross-border payments is becoming increasingly popular globally, and this cooperation between China UnionPay and WeChat Pay is expected to further promote the adoption of this technology. As the use of mobile payments continues to grow in the region, this cooperation is likely to have a positive impact on the development of the digital economy. With this new agreement, users of participating wallets will be able to make payments in mainland China using WeChat Pay, which will further enhance the convenience and flexibility of cross-border payments. This cooperation between China UnionPay and WeChat Pay is a significant step towards promoting the development of cross-border payments in the region and enhancing the competitiveness of China's digital yuan.