UnionPay has launched QuickPass, its new Host Card Emulation mobile solution, in Beijing this week in cooperation with over 20 commercial banks.
“QuickPass offers a new mobile phone service solution supporting contactless payment technologies centered on NFC, HCE, TSM and Token technologies. The QuickPass product released this time is based on the state-of-the-art HCE (or Host Card Emulation) and Token technologies,” the company said in a statement.
The service only currently works with Android NFC-enabled smartphones (4.4.2 operating system or above), but UnionPay is planning to roll out the service to Apple users early next year.
The company is also promising a strong security experience including cryptographic keys and cloud verification, which means the card number will not be revealed at the point of sale thus effectively protects privacy and sensitive payment information.
There is also a promise of a better user experience. The payment flow does not even require internet access or opening up any app. Simply turn on the display and hold the smart phone close to the POS reader and payment is made in two seconds.
Prior to QuickPass, UnionPay has successively launched a series of mobile payment products and services such as SWP-SIM, eSE embedded solution and wearable payment devices in cooperation with telecommunication operators, mobile manufacturers and wearable device manufacturers. The launch of QuickPass marks the joint efforts made by UnionPay and Chinese financial institutions to innovate and offer mobile payment services that are safe, convenient, widely applicable, and beneficial to public welfare.
QuickPass mobile payment is already available at over ten thousand locations of 25 franchise chains in mainland China, including Carrefour, McDonald’s, Watsons, FamilyMart, and COSTA with exclusive offers for QuickPass users. More merchants are expected to come onboard soon.
Daniel Smith, Director of Relationship Management, Basset and Gold interview: “Consumer demand for new and innovative forms of finance is soaring”
Basset and Gold has announced the launch of its new Innovative Finance ISA (IFISA).
Anthony Walton, CEO of Iliad Solutions explores the latest developments and challenges with APIs.
Visa has announced it will be launching a new wearable payment device.
TransferWise has announced a partnership with Starling bank to provide easier international money transfers.