CIPS expands coverage to 192 countries and regions

(ECNS) -- China's Cross-border Interbank Payment System (CIPS) now covers 192 countries and regions, the People's Bank of China (PBOC) said, pledging to accelerate fast payment systems and promote cross-border QR code interoperability.

By the end of June 2026, CIPS had 210 direct participants and 1,619 indirect participants, with services accessible through over 5,200 banking institutions across 192 countries and regions, according to Lu Lei, deputy governor of the PBOC.

Starting Oct. 17, China's high-value payment system will extend operating hours from "5x21+12 hours" to "5x22.5+13.5 hours," enhancing technical interoperability with the global payment network.

Ren Deqi, chairman of the Payment and Clearing Association of China, said the association will expand the number of connected wallets and acceptance networks, optimize conditions for overseas mobile payment apps, and enrich payment scenarios for foreign visitors to China.

He added that the association will also promote the interconnection of domestic QR code systems and gradually open acceptance networks in an orderly manner.