UnionPay International signed a memorandum of cooperation with ICBC Brazil to jointly promote cross-border QR code interconnection between China and Brazil.

On July 6th, during the 17th meeting of the BRICS leaders, UnionPay International announced that it has signed a cooperation memorandum with Industrial and Commercial Bank of China Limited to jointly promote cross-border QR code connectivity between China and Brazil. In the future, UnionPay Cloud QuickPass APP and UnionPay Co-branded Wallet can directly scan and pay at QR code merchants within the Brazilian PIX network. As the RMB clearing bank in Brazil, ICBC Brazil will provide RMB clearing services for cross-border QR code connectivity. Upon the implementation of the project, cross-border RMB settlement will be achieved for the first time in the retail finance field in Brazil.