Beijing, August 28: According to recent data from the People’s Bank of China, the cross-border interbank payment system (CIPS) now includes 192 countries and regions. In the future, China aims to accelerate the development and promotion of a rapid payment system while continuing to enhance the interoperability of cross-border payment QR codes.
Liu Lei, Deputy Governor of the People’s Bank of China, stated that by the end of June 2026, the CIPS will have a total of 210 direct partners and 1,619 indirect partners. Its services cover 192 countries and regions through over 5,200 banking institutions, continuously strengthening the RMB’s cross-border settlement capabilities globally.
Starting October 17, 2026, the service period for large-value real-time payment systems in China will be extended from ‘5×21+12 hours’ to ‘5×22.5+13.5 hours’, enhancing the technical interoperability of global payment networks. Additionally, China will promote the interoperability of cross-border payment QR codes.
Furthermore, Run Tachi, President of the China Payment and Clearing Association, mentioned that China will continuously expand the number of accessible wallets and the scope of acceptance networks. It will also optimize the acceptance environment for foreign wallets, improving payment convenience for visitors from abroad, meeting diverse payment needs, and steadily advancing the systematic openness of domestic barcode payment interoperability and acceptance networks.
Deependra Singh Chundawat is a Senior Sub-Editor at Udaipur Kiran, specializing in a wide range of technology topics including mobile phones, applications, gaming, PCs, and wearables. Along with covering the latest tech news, he also creates engaging web stories. Passionate about emerging technologies, he stays up to date with the newest trends and enjoys reading and writing about the latest mobile launches and digital innovations.