UnionPay Launches Innovative Products Overseas and Accelerates the Rollout of Its QR Code Payment

In addition to traditional acceptance network construction and overseas card issuance, UnionPay International is speeding up the overseas promotion of its innovative products and services, and the key target markets are Southeast and Northeast Asia.

According to the latest data, the cross-border transaction volume of mobile QuickPass, the UnionPay mobile payment product, doubled in the first half of this year. More notably, more overseas customers are using mobile QuickPass. For instance, the transaction volume of mobile QuickPass used locally in Hong Kong and Macau more than tripled and the transaction of mobile QuickPass by Hong Kong and Macau cardholders in mainland China grew by over 7 times year-on-year.

“Meeting cardholders’ change of payment habits, we have developed a rich reserve of innovative products and innovation support platforms based on our advantages in products development and technology. These are launched in overseas markets, enhancing the service capability of the UnionPay network,” said Cai Jianbo, CEO of UnionPay International.

The transformation of UnionPay cross-border payment service

As mobile payment is gaining significance in UnionPay’s global payment service, and mobile QuickPass has become a major product promoted by UnionPay worldwide. It supports various mobile Pay products, UnionPay QR code payment, in-store payment with UnionPay chip cards and wearable devices, as well as in-app online payment.

UnionPay International is now accelerating the promotion of mobile QuickPass outside mainland China. Now, mobile QuickPass NFC payment is accepted at about 500,000 POS terminals across Hong Kong, Macau, Taiwan, Singapore, Malaysia, Australia, New Zealand, Canada, Russia, the United Arab Emirates, etc., enabling customers to pay by with mobile phones. Mobile QuickPass QR code payment was launched in Hong Kong and Singapore. Moreover, the apps of many merchants including Hong Kong Bonjour and Japan Foodie support mobile QuickPass, too.

Based on the wide acceptance of mobile QuickPass, UnionPay International is offering this service to more overseas customers. Now in Hong Kong, cardholders may add their UnionPay credit and debit cards issued by Bank of China, UnionPay debit cards issued by Standard Chartered Bank and UnionPay credit cards issued by Bank of East Asia to their mobile phones. UnionPay is the only card brand that provides mobile payment service for debit cardholders in Hong Kong. In Macau and South Korea, cardholders can also use mobile QuickPass.

The expansion of mobile QuickPass is an epitome of the global rollout of UnionPay’s innovative products and services. Over the past few years, UnionPay International has developed innovative products that can be used internationally, including cross-border B2B platform, digital wallet, cross-border marketing platform U Plan, etc. Supporting these innovative products are TSP (Token Service Platform), TSM (Trusted Service Management), HCE cloud platform and a series of other platforms.

For example, the TSP platform facilitates the design and promotion of mobile QuickPass QR code payment. The platform uses token to replace card number to protect account information and thus ensures payment security.

UnionPay QR code payment launched outside mainland China

Beginning this year, UnionPay International is accelerating the promotion of its QR code payment outside mainland China. The QR code payment is taken as a supplement to its NFC payment products to meet cardholders’ diverse payment demands. Southeast Asia is the core region for now.

This is due to two factors. First, UnionPay is extensively accepted in Southeast Asia, and it has also participated in the financial infrastructure construction and payment standard cooperation projects in several markets in the region. Therefore, the technical condition is mature for promoting innovative products. Second, countries in the region have great demands for payment industry upgrade. UnionPay International is able to help more medium, small and micro-sized merchants enjoy the benefits of e-payment, and support the building of cashless society.

Besides Hong Kong and Singapore, mobile QuickPass QR code payment will be launched in Thailand, Indonesia, Australia and other destinations frequently visited by Chinese tourists. Especially in Southeast Asia, UnionPay International is pushing forward its cooperation with local institutions to improve its acceptance in fields of transport, hospitals, social welfare and schools. UnionPay International has also collaborated with several Southeast Asia countries to launch e-wallet products within this year.

UnionPay QR code payment standard is launched outside China, too. In Thailand, UnionPay is collaborating with Visa and Mastercard to develop a common standard for QR code payment that will be recommended by Bank of Thailand to the local financial institutions and merchants. It is expected that more Southeast Asian countries will adopt UnionPay standard, which is compatible with international standard and more secure, when launching QR code payment products in the future.

With the support of a range of innovative products and platforms, UnionPay International has also realized product integration. UnionPay International is integrating its QR code products with its e-wallet products, HCE products, TSP platform and U Plan. For example, merchants in Hong Kong supported the integration of payment code and U Plan e-coupon. Cardholders can download U Plan e-coupons from the U Plan zone in the “UnionPay Wallet” mobile app and then have it scanned in the store to complete payment and enjoy discounts.

About Caixin | Contact Us | Customer Support | Work with Caixin | Press | Register | Newsletter | App | FAQ
Copyright © 2018 Caixin Global Limited. All Rights Reserved.