China UnionPay and Trunkbow team up for mobile payments

China’s biggest payment network, China UnionPay, is partnering with Trunkbow Mobile Payment Solutions giant, to create a mobile app to allow its users to make mobile transfers and payments. As CUP dominates with its leading clearing house, this move is sure to attract attention from China’s mobile phone users, which are nearing 1 billion. This is the first partnership to address this service, and as Mr. Qiang Li, the CEO of Trunkbow says, “With a defensible first mover advantage and strong partnerships with China ‘s three wireless carriers and leading clearing house, we are well positioned to capture share in this emerging market.”

Along with this applet, their partnership covers the push of Trunkbow’s UnionPay merchant network. The two companies hope transaction costs from the app to be between 0.4 and 2.4% per purchase, depending on the merchant. The applet should be released this month.

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