Tag: mobile payments

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

Google aims to make changes to its mobile payments products

Google is expected to reveal plans to reform its mobile payments products at its annual developer conference this year. The company has been involved in mobile payments for some time, having launched Google Wallet in 2011. The Wallet was meant to serve as a way for consumers to pay for products online and in physical stores while also storing digital information from retailers and financial information. The product proved relatively unpopular, however, which lead Google to develop Android Pay.

Android Pay and Google Wallet will receive new features in the near future

Android Pay is expected to be the subject of reforms coming from Google. One of the changes the company is reportedly interested in making will allow merchants to accept credit card payments from within their mobile application, while also integrating support for loyalty programs. Google also intends to make further changes to its Wallet platform, reintroducing peer-to-peer payment options that will allow consumers to send money to one another directly through their bank accounts.

Apple also intends to make enhancements to its mobile payments platform

Google is the not the only company planning to make changes to its mobile payments products, of course. Apple has also announced that it will be unveiling enhancements to Apple Pay. The company has been working to promote its mobile payments service quite aggressively, intending to bring the platform to other markets throughout the world. The enhancements to Apple Pay, which include support for loyalty programs coming from retailers, may make the platform more attractive to consumers, many of whom are becoming more interested in mobile payments as a whole.

Improved platforms will provide Google and Apple a competitive edge

Both Google and Apple are competing in the mobile payments field, which has become flooded with a wide array of platforms that have won the favor of consumers. These companies see great potential in this sector, especially due to the mobile activity being seen in countries like China. Improving their mobile payments platforms may give them the edge they need to establish footholds in these markets.