China Launches Cross-Border QR Code Payment Trial

China’s central bank, led by Deputy Governor Lu Lei, initiated a trial of a unified cross-border QR code payment gateway with Alipay and Ant International as participants.

This pilot addresses cross-border fund risks, aiming to enhance financial security amid rising money laundering through digital channels, despite muted crypto market reactions.

China’s Cross-Border Payment Gateway Trial with Alipay

The trial operation of a unified cross-border QR code payment gateway marks a milestone in China’s financial landscape. Prominent entities such as Alipay and Ant International are at the forefront, participating as the initial institutions in this venture. Lu Lei, Deputy Governor of the People’s Bank of China, highlighted the systemic risks posed by increased cross-border fund flows.

Changes are expected in the dynamics of digital transactions, potentially enhancing transaction efficiency while tightening regulations around illicit finance. The initiative underscores China’s commitment to bolstering financial security amidst growing global fund movements.

“The scale of cross-border fund flows is expanding, and the frequency is accelerating, providing opportunities for risks such as cross-border money laundering and terrorist financing. Some overseas illegal platforms transfer funds through channels such as virtual currencies and underground banks, creating a ‘resonance’ of risks at home and abroad, posing a challenge to China’s foreign exchange management and financial security.” — Lu Lei, Deputy Governor, People’s Bank of China

Bitcoin and Impact of China’s Financial Initiatives

Did you know? China’s latest initiative echoes the Payment Connect project of June 2025, furthering real-time cross-boundary remittances and expanding its influence on global financial systems.

As of September 17, 2025, Bitcoin (BTC) stands at $115,748.72 with a market cap of $2.31 trillion, showing a 0.97% decline over 24 hours. Trading volume is $48.23 billion, reflecting an active market. This data, sourced from CoinMarketCap, highlights BTC’s 10.91% growth over three months and a circulating supply of 19,922,253.

Insights from the Coincu research team see this trial as pivotal for regulatory landscapes, fostering advancements in secure cross-border transactions. Innovation in payment systems and possible stringent measures on virtual currency channels are foreseen, placing emphasis on financial security and evolving digital finance solutions. A focus on regulatory impact continues to be a critical area of interest.