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.
Whitepapers
Related reading
5 ways blockchain can change the cross-border payments landscape
Cross-border payments is a changing sector of the industry, driven by customers demanding little to no friction and encountering multiple steps, intermediaries ... read more
The SME technology revolution | video
The UK is home to 5.4m micro SMEs that have fewer than nine employees, according to the House of Commons library. They ... read more
JP Morgan blockchain network showcases banks’ DLT progress
JP Morgan’s expansion of its blockchain-based interbank payments project signals that major banks are stealing a march on disruptors and startups by ... read more
Security a priority for EU’s INATBA blockchain taskforce
The European Commission’s new blockchain initiative, the International Association for Trusted Blockchain Applications (INATBA), should focus on quashing extant security concerns around ... read more
