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September 1, 2020updated 24 Jan 2022 6:22am

China’s UnionPay rolls out digital bankcard

By Johney Amala

UnionPay has rolled out its digital bankcard globally, in partnership with commercial banks, key mobile phone manufacturers, and major merchants and payment institutions.

The move simplifies the process of application and collection of debit and credit card through complete digitalisation, offering a new generation of payment experience to cardholders.

With the launch, UnionPay aims to offer services to satisfy various payment demands including purchases, cash deposits and withdrawals, bank transfers, mobile QuickPass payments, and QR code payments.

UnionPay users across the globe can apply for cards, link them, and use them across platforms such as UnionPay App, bank apps, and mobile phone e-wallets, it said.

Once the application is successful, functions including wealth management, purchase, and payment will be enabled for users. They will be able to view and manage their digital bankcard on the UnionPay App on a real-time basis.

Furthermore, users can use their cards to pay via mobile QuickPass or QR code by tapping on the screen to access the contactless card or the QR code.

China UnionPay first executive vice president Cai Jianbo noted that UnionPay, commercial banks and other industry players have been collaborating to launch products including QR code payments, mobile QuickPass and facial recognition-based payments to provide secure payment services.

He added that the new digital bankcard is a response to the market demand and serves as UnionPay’s latest attempt to drive payment service digitalisation.

UnionPay is utilising technologies such as tokenisation and real-time risk monitoring to protect sensitive information, including card number and expiry date, throughout the payment process. Additionally, funds and other personal data are protected.

The digital bankcard is expected to connect different industries and use cases. The users will be able to push their digital cards to e-commerce retailers, public transit providers or e-wallets using the Token 2.0 digital payment framework.

Additionally, these cards are said to offer exclusive benefits, supporting an interconnected digital payment ecosystem.

 

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