Why is UnionPay QR code becoming the next must-have for retail?

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Chinese consumers continue to increase their spending power across the globe, with over $250 billion in outbound travel spending in 2023 and more than 600 million users on Yunshanfu (UnionPay’s mobile app)

UnionPay and Yunshanfu provide them with familiar, secure, and convenient payment options, and that’s why UnionPay and Yunshanfu are essential for international merchants.

This article explains UnionPay and its QR code payment (Yunshanfu), while introducing Silkpay's solutions via POS terminals, static QR codes, and mobile apps, that enable merchants to accept UnionPay QR payments. It also highlights key advantages like unlimited transaction amounts, enhanced security, and higher conversion rates with Chinese consumers.

What is UnionPay?

UnionPay is a leading global payment network, accepted in over 180 countries and regions. 

With over 10 billion cards issued worldwide, it is the largest card scheme by total issuance.

Traditionally known for debit and credit card payments, UnionPay also enables merchants to accept mobile QR code payments. 

This means that merchants can not only process card swipes, chip inserts, and contactless taps, but also allow customers to pay simply by scanning a UnionPay QR code using Yunshanfu, UnionPay's official mobile app.

What is UnionPay's QR code (Yunshanfu)?

Yunshanfu is the official mobile payment app launched by UnionPay. 

It integrates multiple features including QR code payments, contactless tap-to-pay, bill payments, and bank card management. 

As QR code payments have become increasingly popular in China, more and more consumers prefer using Yunshanfu for everyday purchases.

It’s ideal for everyday spending at convenience stores, supermarkets, restaurants, luxury and more.

As of now, Yunshanfu QR codes are supported by at least 8 major Chinese banking apps, so users of any of these 8 bank apps can scan and pay at the same Unionpay QR code, without any extra hardware or setup on the merchant side.

How to integrate UnionPay QR code (Yunshanfu) in store?

POS Terminal: SUNMI V2 Pro 

Silkpay’s solution allows SUNMI V2 Pro to generate a QR code.

Yunshanfu payment steps in-store: 

Steps for the merchant:

• Enter the transaction amount in the Silkpay app

• Select the Yunshanfu payment option

• A QR code will be generated 

• Show the QR code to your customer

And then for the customer:

• The customer opens their Yunshanfu app or their bank app

• The customer scans the QR code shown by the merchant

• The customer confirms the transaction amount and enters the payment password to complete the transaction

Additionally, SUNMI V2 Pro integrated with Silkpay's payment solution accepts Alipay+, WeChat Pay. 

It allows merchants to process transactions via PaybyLink, which enables remote payments through SMS, email, or messaging apps. 

Additionally, SUNMI V2 Pro also supports refunds. It’s a complete and flexible payment solution for both in-store and remote transactions.

Static QR Code: 

Ideal for all shops, the static QR code can be printed and displayed in stores. Customers scan the QR code through UnionPay’s App (Yunshanfu App).

Steps for the customer:

• The customer opens their Yunshanfu app or their bank app

• The customer taps “Scan” and scans the merchant’s static QR code

• The customer manually enters the payment amount

• The customer confirms and enters the payment password to complete the transaction

Silkpay App: 

The Silkpay App can be downloaded directly onto a smartphone (IOS or Android), turning it into a mobile payment terminal that supports UnionPay QR code transactions.

Payment steps are the same as the SUNMI V2 Pro POS machine we mentioned in the previous section.

The Silkpay App is a more eco-friendly solution, while both the POS terminal SUNMI V2 Pro and the Silkpay App on a smartphone support UnionPay, Alipay+, WeChat Pay, and PaybyLink.

It operates completely paperless. This makes it an ideal choice for merchants looking to reduce waste and support sustainable retail practices.

Why UnionPay’s QR code is a game-changer for retail

No transaction limits 

When you integrate UnionPay, both QR code and card payment, through the Silkpay payment solution, you can gain access to unlimited transaction limits.

There is no cap on single payment amounts and no daily cumulative limit.

This allows merchants to accept large transactions without restrictions.

Whether it’s luxury retail, high-end hospitality, or travel services, merchants can accept large transactions without friction and without asking customers to switch payment methods.

Security and trust

UnionPay is backed by EMV-compliant technology, encrypted tokenization, and real-time risk monitoring, making its QR code payments as secure as card payments—with the added benefit of no physical contact.

Higher conversion and customer satisfaction

Chinese consumers are already familiar with scanning QR codes, and UnionPay’s app ensures a fast and frictionless checkout. Merchants that offer this option tend to see higher conversion rates, shorter queue times, and greater satisfaction from Chinese shoppers.

Marketing-friendly

Unlike card payments, UnionPay QR codes can include promotions, such as discounts, coupons, or loyalty points, directly in the scan. This creates new engagement opportunities at the point of sale.

Conclusion

UnionPay’s QR code payments (Yunshanfu) represent a powerful opportunity for merchants to tap into the spending habits of Chinese travelers and digital-savvy consumers. 

With its wide acceptance, robust security, and frictionless checkout experience, this payment method values convenience and familiarity.

For merchants looking to attract Chinese consumers, Silkpay offers UnionPay QR code payment solutions  through POS terminals, static QR codes, or the Silkpay app.

With no transaction limits, advanced security, and quick integration, Silkpay ensures a smooth checkout experience that boosts sales and customer satisfaction. 

Ready to grow your business with UnionPay QR codes? Silkpay makes it simple.

About the author: Silkpay

Based in Paris, Silkpay provides omnichannel and secure payment solutions to help physical stores and e-commerce in Europe and the Americas accept more than 30 of the world's most popular payment methods: Visa, Mastercard, CB, UnionPay, Alipay+, WeChat Pay as well as Asia-Pacific’s major e-wallets.

Silkpay is a winner of the LVMH Innovation Award. The company was also selected as a finalist for the "Money 20/20" Best Startup and in the "MPE Berlin” Startup Awards. Silkpay also won the "Best Fintech" awards from Capgemini and BPCE.

Silkpay helps merchants deliver the smoothest payment experience to their customers. We are a talented and international team driven by a single goal: to improve the customer experience and make payments simple and secure.