diff --git a/spring-core/src/main/java/org/springframework/core/ResolvableType.java b/spring-core/src/main/java/org/springframework/core/ResolvableType.java
index fa69647305a..30e69398fa7 100644
--- a/spring-core/src/main/java/org/springframework/core/ResolvableType.java
+++ b/spring-core/src/main/java/org/springframework/core/ResolvableType.java
@@ -334,7 +334,7 @@ public class ResolvableType implements Serializable {
 				return otherBounds.isAssignableFrom(this, matchedBefore);
 			}
 			else if (!strict) {
-				return (matchedBefore != null ? otherBounds.equalsType(this) :
+				return (matchedBefore != null ? otherBounds.equalsType(this, matchedBefore) :
 						otherBounds.isAssignableTo(this, matchedBefore));
 			}
 			else {
@@ -1775,11 +1775,13 @@ public class ResolvableType implements Serializable {
 		 * Return {@code true} if these bounds are equal to the specified type.
 		 * @param type the type to test against
 		 * @return {@code true} if these bounds are equal to the type
-		 * @since 6.2.3
+		 * @since 6.2.4
 		 */
-		public boolean equalsType(ResolvableType type) {
+		public boolean equalsType(ResolvableType type, @Nullable Map<Type, Type> matchedBefore) {
 			for (ResolvableType bound : this.bounds) {
-				if (!type.equalsType(bound)) {
+				if (this.kind == Kind.UPPER && bound.hasUnresolvableGenerics() ?
+						!type.isAssignableFrom(bound, true, matchedBefore, false) :
+						!type.equalsType(bound)) {
 					return false;
 				}
 			}
diff --git a/spring-core/src/test/java/org/springframework/core/ResolvableTypeTests.java b/spring-core/src/test/java/org/springframework/core/ResolvableTypeTests.java
index dcfc31a897e..f46531fb374 100644
--- a/spring-core/src/test/java/org/springframework/core/ResolvableTypeTests.java
+++ b/spring-core/src/test/java/org/springframework/core/ResolvableTypeTests.java
@@ -1527,6 +1527,12 @@ class ResolvableTypeTests {
 		assertThat(repository3.isAssignableFromResolvedPart(repository2)).isTrue();
 	}
 
+	@Test
+	void gh34541() throws Exception {
+		ResolvableType typeWithGenerics = ResolvableType.forField(getClass().getDeclaredField("paymentCreator"));
+		assertThat(typeWithGenerics.isAssignableFrom(PaymentCreator.class)).isTrue();
+	}
+
 
 	private ResolvableType testSerialization(ResolvableType type) throws Exception {
 		ByteArrayOutputStream bos = new ByteArrayOutputStream();
@@ -1928,6 +1934,18 @@ class ResolvableTypeTests {
 	}
 
 
+	PaymentCreator<? extends Payment, PaymentCreatorParameter<? extends Payment>> paymentCreator;
+
+	static class PaymentCreator<T extends Payment, P extends PaymentCreatorParameter<T>> {
+	}
+
+	static class PaymentCreatorParameter<T extends Payment> {
+	}
+
+	abstract static class Payment {
+	}
+
+
 	private static class ResolvableTypeAssert extends AbstractAssert<ResolvableTypeAssert, ResolvableType>{
 
 		public ResolvableTypeAssert(ResolvableType actual) {