Tag: mobile payments systems

New QuickPass mobile payments system launched

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

Mobile payments market cleanup attempt to be made by industry giants

Two major players in smartphone transactions have teamed up to boost the market – MasterCard and Weve.

Mobile Commerce - MasterCard PartnershipMasterCard and Weve have now come together in a partnership that is designed to help the mobile payments market to clean itself up, smooth itself out and become considerably more appealing to merchants and consumers alike.

The scattered and inconsistent nature of the market is a major factor that is holding back the adoption of the tech.

This new mobile payments partnership is made up of credit card giant, MasterCard, and Weve, which is a joint venture comprising of the three largest mobile operators in the United Kingdom: O2, Vodafone UK, and EE. They will be working together to develop something altogether new and that will hopefully do what the market has failed to be able to provide until now.

They have described their goal of creating the U.K.’s “most comprehensive contactless mobile payments system.”

This is meant to help to create a contactless system for paying for products and services through the use of their smartphones and mobile devices, in a way that will be simple and convenient for consumers to use, while being cheaper to manage for banks. The role that MasterCard has taken on is to provide the system with the integration services and the technology to make it possible for financial institutions such as banks to be able to step into the payment platform from Weve.

Weve’s CEO, David Sear, said that this contactless transaction technology in the form of credit and debit cards has been taking off in the United Kingdom. He explained that there are currently 36 million people in the U.K. who are using this type of card, and that more than 300,000 retailers there are able to process this type of transaction.

Equally, he admits that paying over mobile devices using similar technology is “a bit of a mess”. He stated that it “may sound harsh, but it’s inescapably true; to date, the industry has created a level of discussion and confusion driven by a multitude of announcements that actually haven’t delivered mobile payments systems that works the way that consumers want and need them to.”