UnionPay and Gemalto work on building secure mobile NFC payment ecosystem

gemalto

Partnering UnionPay

Gemalto is collaborating with China’s UnionPay to build a secure mobile NFC ecosystem. The collaboration covers key deployment issues, including TSM interoperability, security and operational guidelines as well as technology standards and specifications. The consultation is paving the way for UnionPay to develop their vision of constructing a future-proof NFC ecosystem for their issuer banks.

Mr. Chai Hong Feng, Executive Vice President of UnionPay said, “Our co-operation leverages the strengths of Gemalto and UnionPay to provide customers with greater payment convenience. We will continue to work closely with commercial banks, mobile operators and service providers to drive innovation and build a safe and convenient NFC mobile payment ecosystem.”

“In a recent survey1 conducted by independent research firm TNS, 93% of respondents in China consider security to be an important concern in adopting mobile payments. Gemalto’s expertise in providing banking-grade security for NFC can provide consumers the peace of mind when using Unionpay’s mobile wallet,” said Suzanne Tong-Li, Senior Vice President of Secure Transactions at Gemalto Asia, “With over 50 NFC projects implemented, Gemalto is unique in its ability to support UnionPay’s plan to bring convenient yet secure NFC services to all its cardholders in China and beyond.”

UnionPay is China’s leading payment scheme and has the world’s largest network of payment cards, with more than 3.5 billion cards issued to date, as well as being a key advocate in China’s mobile payment eco-system. According to ABI Research, China’s mobile commerce market is expected to become the world’s largest by 2014, with an estimated USD8bn worth of transactions conducted via NFC.

 

 

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