At the “Building a Diversified Cross-Border Payment System” sub-forum at the Boao Forum for Asia 2026 Annual Conference, there was such a vivid metaphor: “If global trade is the great river of the world economy, then the payment and settlement system is the water flowing on this river. If the river bed is stable, the water flow will flow smoothly.” All parties participating in the meeting shared the latest practical results of cross-border payment interconnection, vividly demonstrating the “China Exploration” in the evolution of the cross-border payment system.
Focusing on the construction of the cross-border payment system, the forum focused on demonstrating the latest achievements in three major directions, which also confirmed that the diversified cross-border payment system is undergoing profound changes.
First of all, China UnionPay has actively expanded overseas cooperation and has reached cross-border payment interconnection cooperation with many overseas countries and regions, which has effectively contributed to the joint rise of regional markets.
In cooperation with Indonesia and other countries, the “bilateral local currency settlement model” has been adopted. This model effectively reduces the risk of exchange rate fluctuations and provides a pragmatic path for the global south to accelerate its integration into the global payment network.
This not only promotes trade between China and relevant countries, but also contributes to the diversified development of the global payment landscape.
Secondly, the deep integration of emerging technologies and cross-border payments has brought about a series of innovative measures.
The multilateral central bank digital currency bridge project, the accelerated application of account-based networks, the evolution of payment methods from “embedded” to “AI agent payment”, and the exploration of cross-border QR code interconnection have greatly improved the efficiency of the entire cross-border payment chain and reduced costs.
The “Nihao China” APP released in Hainan at the end of last year is an important practical result.
This application uses intelligent technology to provide one-stop digital services covering payment, travel, life, cultural tourism and other scenarios for overseas visitors to China, making life in China more convenient for overseas visitors.
Finally, the widespread interconnection of new financial infrastructure is breaking down payment barriers.
China UnionPay actively promotes the efficient interconnection between emerging digital wallets and traditional payment networks through measures such as the construction of a unified cross-border QR code gateway.
On the technical path, UnionPay promotes the “dual-track” model to promote compatibility between card-based networks, account-based networks, digital wallets, etc., truly realizing the concept of “harmony without uniformity” in the payment field.
In view of the practical path of diversified cross-border payments, Dong Junfeng, chairman of China UnionPay, said at the forum that the development of the payment system is not a “black and white” replacement or subversion, but a spiral evolution of integration and innovation.
He emphasized that the construction of a diversified cross-border payment system requires both the emergence of new forces and the accumulation of traditional institutions.
Currently, China is promoting the deep integration of payment services into the global industrial chain.
Through the “Silk Road E-commerce” cooperation pilot zone, UnionPay has launched virtual commercial cards with cross-channel settlement capabilities for enterprises, and promoted the completion of two-way remittances in RMB in cross-border trade.
These explorations are providing solid scenario support for the cross-border application of RMB in more fields.
Looking to the future, guests attending the meeting said that global payments are moving towards a new era of “diversified symbiosis”.
China is willing to adopt a more open attitude, fully embrace emerging payment forms, work together with global emerging markets and traditional financial institutions to find the greatest common denominator in jointly building connectivity, weaving a global “one network” in system compatibility, making the diversified payment layout truly inclusive and mutually beneficial, and injecting more certainty into global economic and trade exchanges.
