China UnionPay, banks unite over new mobile payment app

China UnionPay this week partnered with over 30 commercial banks and payment institutions to launch Mobile QuickPass, which the network calls the unified app for China's banking industry, according to a press release.

The network said that by integrating mobile payment functions and benefits offered by various institutions, the app is the first of its kind and involves multiple players in financial services and related industries.

The app is aimed at unifying user experiences, saving users the hassle of having to use apps from different providers, meeting the increasingly diverse needs of users, and providing an open platform for all players to collaborate on while promoting financial innovations, according to the release.

China UnionPay and the banks developed the app under under the guidance of the People's Bank of China, according to the release.

Customers are able to link bank cards to the app, manage different bank accounts and use the mobile payment services and benefits offered by each bank. The services offered also include UnionPay QR code payment, access to various mobile payment products, comprehensive credit card services, P2P real-time transfer and payment services in various scenarios.

"This jointly launched mobile payment app adopts unified portal standards in user identification and user experiences," Fan Yifei, deputy governor of the People's Bank of China, said in the release. "It is a significant measure in enhancing financial innovation and promoting seamless retail payments for customers."

Topics: Card Brands, Contactless / NFC, In-App Payments, Mobile Banking, Mobile/Digital Wallet

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