Chinese bank card network UnionPay has released its mobile payments app, Wallet, in Shanghai.

Wallet enables customers to carry out low value transactions at NFC-enabled point of sale terminals by linking their bank card account to their smartphone.

The app also allows users to locate stores, hotels and other services, and download vouchers from partner retailers.

Eight banks have reportedly signed up to the NFC payment platform, including Bank of China, Bank of Shanghai, Bank of Beijing, China Everbright Bank, China CITIC Bank, China Minsheng Banking Corp, GF Securities and Shanghai Pudong Development Bank.

There are currently 1.3m NFC-enabled point of sale terminals in supermarkets, stores, subways and restaurants in China.

Around 7m smartphones with NFC functions were sold in China in the first quarter, according to market research provider GfK China.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Related Articles

China UnionPay and China Mobile collaborate to launch NFC payment platform

China will launch mobile payment standard in 2013