Posted On 2017/12/28 By In Payments, News, Mobile, Shopping With 424 Views

UnionPay Wallet (Mobile Quick Pass ) launched: China’s Unified Banking Industry APP

On December 11, China UnionPay joined hands with over 30 Commercial banks and payment institutions to launch “Mobile QuickPass”, the unified APP for China’s banking industry. By integrating mobile payment functions and benefits offered by various institutions, the newly launched APP is the first of its kind, which involves multiple players in financial services and related industries. It offers users an easy, smooth and seamless mobile payment experience. The launch of this unified APP is aimed at unifying user experiences, saving users from the hassle of having to learn to use APPs from different providers, to meet the increasingly diverse needs of users, and provides an open platform for all players to collaborate on while promoting more financial innovations.

Fan Yifei, Deputy Governor of the People’s Bank of China, Yu Bangli, Chief Accountant of China Railways Corporation, Shi Wenchao, President of China UnionPay and heads of 17 national commercial banks and 14 regional banks, as well as representatives from the People’s Bank of China, Payment and Clearing Association of China, non-bank payment institutions, mobile phone manufacturers as well as cooperating merchants jointly attended the ceremony.

The “Mobile QuickPass” APP is a unified mobile payment portal jointly developed and maintained by commercial banks and UnionPay, under the guidance of the People’s Bank of China. Customers are able to link their bank cards to the APP, manage different bank accounts, and enjoy the mobile payment services and benefits offered by each bank. The services offered by this APP also include UnionPay QR code payment, signing up for various mobile payment solutions, comprehensive credit card services, P2P real-time transfer and payment services in various scenarios. In fact, all payment functions commonly available to mobile phones will be realized through this Mobile QuickPass. To help customers know clearly where they can use this APP, UnionPay has launched its brand-new optimized Visual Identity.

Deputy Governor of the People’s Bank of China, Fan Yifei said, “The rapid development of China’s payments industry over the past few years has played a crucial role in promoting financial innovation and sustaining rapid economic growth. The People’s Bank of China executes the instruction given by Chinese government, and is devoted to creating a level playing field for competitors in the payment industry by implementing strict regulations, preventing financial risks, and facilitating consumptions so as to better support the real economy and the Inclusive Financial System.”

Fan added, “This jointly launched mobile payment APP adopts unified portal standards in user identification and user experiences. It is a significant measure in enhancing financial innovation and promoting seamless retail payments for customers. Entrepreneurs shall accurately identify people’s needs, improvethe service level in mobile payments and bring convenience to people’s life in a comprehensive way. While promoting further innovation on financial technologies, we must maintain a high level of payment security, giving priority to the customers’ interests and safeguard the people’s funds and personal information. I sincerely hope that all the parties involved will use the launch of this mobile APP as a starting point to continue expanding cooperation and integrating resources, and to jointly provide comprehensive, multi-faceted, convenient and efficient mobile payment services to meet the increasingly diverse needs of the people.”

According to Shi Wenchao, President of China UnionPay, the unified APP jointly developed by Commercial Banks and China UnionPay is the result and further development of the long-term cooperation in the banking industry, demonstrating the collective wisdom of all parties. Based on the principle of “three-uniformity”, Commercial Banks and China UnionPay gave due consideration to the requests of all parties, to jointly complete the initial development of the APP. During the process of developing and promoting the APP, China UnionPay adheres to its principle of “Openness, Collaboration and Services”, and is committed to being a service provider that does not engage in card issuance or acquiring, and not competing with public service providers. Instead, we will continue to provide more diverse and comprehensive payment solutions to corporations of all industry by leveraging on our advantages as an open platform. We will continue to enhance user experiences and product capabilities to provide more convenient, efficient and secure payment services to the market.”

Promote financial technological innovation and build safety control system

In terms of payment innovation, the development of this unified APP applies advanced technologies such as mobile Internet, big data, artificial intelligence and Internet of Things to various mobile payment service scenarios, making retail payment convenient. The APP is compatible with various QR code scanning payment and mobile payment solutions, as well as the technologies of Tokenization and HCE, offering more personalized and diversified payment experiences to customers.

In terms of payment security, the unified APP adopts technologies such as artificial intelligence and big data analysis to build a comprehensive and real-time security control system via chip security, biological information and geographical locating. It offers comprehensive risk management services and guarantees convenient, secure and effective mobile payment services to the users.

Build an open platform, unify mobile portal, and create “solid scenarios” and feature service systems for convenient payments

As a unified mobile portal, the “Mobile QuickPass” APP integrates the payment services, payment scenarios and feature services of UnionPay that covers major banks. It has following four features:

First, it is an open platform. The APP is a brand-new open platform that integrates online and offline payment tools, and is based on the technologies of big data, cloud computing and artificial intelligence. It provides open and unified payment service portal for Commercial Banks and cooperation partners, offering value-added merchant services, marketing campaign implementation, card application and online sales for partners. Therefore, the APP serves as a platform that connects and serves all parties.

Second,it is accessible to all banking system. The APP is compatible with various bank accounts, and optimizes user experience through integrating the payment service tools previously offered by each institution. It provides various payment functions including mobile NFC payment, QR code payment, fund collection and transfer as well as remote payment.

Third, it covers a wide range of payment scenarios. The APP covers all the major online and offline payment scenarios. Now, it is available at railways, air flights, 100,000 convenient stores and supermarkets, over 30 universities and colleges, over 100 food markets, as well as more than 300 public services utilities. Next, it is expected to provide more functions including bank account balance enquiry, traffic fine payment, etc.

In addition, the UnionPay QR code payment offered by “Mobile QuickPass” APP is already accepted by merchants in Singapore, Macauand Hong Kong, and will be launched in other parts of Southeast Asia and the Middle East soon. Meanwhile, UnionPay mobile QuickPass is accepted at over 600,000 POS terminals outside mainland China, covering 10 countries and regions including Hong Kong, Macau, Southeast Asia, Australia and Russia, etc.

Fourth, it offers comprehensive payment services. The APP integrates functions and benefits provided by both UnionPay and the banks, including balance enquiry, easy transfer, one-stop installment, credit cards services, bill enquiry as well as the discounts and benefits provided by banks and UnionPay. Meanwhile, customers are able to get the information on the acceptance of UnionPay in more than 160 countries and regions, overseas marketing campaigns and get notification of merchant discounts, as well as the progress of tax-refunds for overseas purchases. Thus the APP helps users to manage various bank accounts while enjoying diverse payment services.

To provide more value to cardholders and to encourage more customers to experience the functions and services of the “Mobile QuickPass” APP, China UnionPay has collaborated with commercial banks to launch 50%-off discount for the big sales in China on “12·12” (December 12th). When paying with the “Mobile QuickPass” APP and UnionPay mobile QuickPass (including Huawei Pay, Apple Pay, Samsung Pay and MI Pay) at 100,000 merchants in China, customers are able to enjoy 50%-off instant discount. Besides, users of “Mobile QuickPass” APP may enjoy more exclusive benefits and privileges before March 31, 2018. The “Mobile QuickPass” APP can be downloaded in Apple or Android APP Stores. More user guide and marketing activity information can be found in the official WeChat and Weibo account of China UnionPay as well as the webpage of this promotion (http://62.95516.com).


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Article: Markets Insider / Image: ChinLingo

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About

Stefan

Stefan (from Austria, Europe) has been living, studying and working in China since 2010. Stefan has worked on several research, publication and consulting projects focusing on the China Travel Market. He holds three Masters degrees and is an expert on China Outbound Tourism, Marketing and Social Media in China. Stefan works with BMG on the Global Ready China Seminars as well as the Global Ready China News and related projects. He also has teaching engagements in the areas of eMarketing and Tourism Strategy.

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