Tag: smartphone 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

The smartphone and consumer electronics manufacturer has now entered into the rapidly growing market.

In a market already rapidly filling up with Apple Pay, Android Pay and other large names of mobile payments options, LG has now unveiled its own option after having partnering with South Korean credit card companies KB Kookmin Card and Shinhan Card.

The companies have worked together to create a smartphone based payment system that will first launche in South Korea.

While the mobile payments service will be available exclusively in South Korea at its initial launch, it is unclear as to whether or not the service will move to an international market. At the moment, no date has been set for taking that kind of step outside the country.

There are currently many different types of technologies being used in order to complete payment transactions through the use of mobile devices. The two giants, Apple Pay and Android Pay, have both based their services on near field communication (NFC technology). At the same time, Samsung is using magnetic secure transmission (MST) that is comparable to the magnetic strip on a credit card.

LG mobile payments have not yet announced the type of technology that it will be using to complete transactions.

A growing number of retailers are starting to update their point of sale terminals in order to be more compatible with some of the top technologies being used for payments through mobile devices. It is likely that LG will choose a more established technology in order to ensure that it will be able to be compatible with the point of sale devices that are already in place now that its predecessors have paved the way for the use of mobile technology at the checkout counter.

The mobile payments space is one that has seen considerable controversy over the last few years as many believe in it, while others feel that it will never take off in the mainstream. A new study conducted by Research Now indicated that 51 percent of consumers would prefer to use a wallet app issued by their own financial institution as opposed to a third party such as Apple Pay, Android Pay or LG Pay. The next years will clearly be defining within this sector of the tech market.