This initiative is a joint effort between UnionPay and its partners including more than 20 commercial banks.
UnionPay has now announced that it has launched QuickPass, a new mobile payments system, in Beijing, in a joint venture between it and more than twenty commercial banks.
The hope is that it will help to bring credibility, safety and convenience to the smartphone payments market.
The QuickPass mobile payments solution has now been rolled out and is available throughout the city wherever UnionPay cards are accepted. The system is also supposed to come with the same level of financial security and convenience that the firm’s technology has been known to provide. Using this mobile phone based payment transaction service is possible through a range of different technologies. These include Token, TSM, HCE and NFC technology. This latest version of the QuickPass system underscores convenience and security on every level. This is important as these are among the primary barriers to adoption that have been identified by consumers.
This mobile payments service is supported by any smartphone that has Android 4.4.2 or higher and NFC technology.
To use it, consumers are asked to download the QuickPass mobile app and to create an alternative to the traditional UnionPay bankcard, called the QuickPass card. Once this has been established, the smartphone can be used to make purchases at any POS terminal that features the QuickPass logo or when making purchases on the internet by way of the UnionPay Online Payment (UPOP). This system does not require any SMS verification.
QuickPass has been designed to stand out in an industry that is becoming increasingly swamped with different smartphone payment options – particularly when taking into consideration the adoption rate among consumers, which remains somewhat limited. In this case, the hope is to show that there are enough levels of security in place for consumers to feel comfortable enough to give it a try. Many people are resistant to using mobile wallets due to concerns over privacy and the safety of their financial data.
This mobile payments service is also supposed to be very convenient as it uses rapid contactless payment technology that doesn’t require internet access or opening an app. The device must simply be on and the display must be held close to the reader. From there, the payment is completed