Industrial and Commercial Bank of China Co. [SHA:601398] has become the nation's first commercial lender to offer a QR code-based payment system purchases made online, offline and online-to-offline.
The ‘Gongyin’ QR code payment products feature the Bank of International Settlement's advanced token technology. It uses variation processing of the card number to protect a client's funds and information. QR code scanning greatly enhances payment efficiency and convenience.
According to recently published figures from the internationally authoritative PaymentsSource, ICBC has issued 115 million credit cards becoming the world's largest credit card issuer.