A Chinese-style payment network to challenge Visa and Mastercard is taking shape in Europe

The mobile wallets Bluecode, ePassi, Momo Pocket, Pagaqui, Pivo, and Vipps are working with Chinese fintech giant Alipay to develop a unified QR code. Around 190,000 merchants in Europe accept payments from the wallet providers, and Chinese tourists using Alipay (membership) would also be able to tap into the system. They plan to use a QR code format provided by Chinese firm, and to expand the collaboration elsewhere in Europe over time. QR codes (short for “quick response”) have soared in popularity as a way to pay for things in China, but they’ve been slower to catch on in the West.