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December 13, 2017

China UnionPay and banks launch unified payments app

By Briony Richter

China UnionPay has joined forces with over 30 commercial banks and payments institutions to launch a new unified payments app for China’s banking industry.

The new app, dubbed ‘Mobile QuickPass’ offers a seamless and easy mobile payments experience for consumers. By integrating mobile payment functions and services offered by various institutions, the app can unify user experience.

Customers will be able to link their bank cards to the app, manage different bank accounts they hold and benefit from the range of mobile payment services offered by each bank, which include UnionPay QR code payments, comprehensive credit card services and P2P real-time transfers.

Fan Yifei, deputy governor at the People’s Bank of China, said: “This jointly launched mobile payment app adopts unified portal standards in user identification and user experiences. It is a significant measure in enhancing financial innovation and promoting seamless retail payments for customers.

“Entrepreneurs shall accurately identify people’s needs, improve the service level in mobile payments and bring convenience to people’s lives in a comprehensive way. While promoting further innovation on financial technologies, we must maintain a high level of payment security, giving priority to the customers’ interests and safeguard the people’s funds and personal information.”

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