UnionPay sets sights beyond China
(15 October 2017 – China) UnionPay International expects to launch an open-platform wallet function as a means to help its partners outside of China to build their wallet application, as customer increase mobile device usage.
The move comes as UnionPay, the world's largest bank card group forges ahead with global expansion, in line with Chinese customers increasingly travelling beyond the region.
"Our vision for this app is for it to be a one-stop mobile wallet that allows consumers to make payment easily for daily services like shopping, utilities and transport," said a spokesman.
The payment service provider, aims to bring QR code payments to markets beyond mainland China.
It has identified more than 10 key markets for QR code payment implementation. Besides Singapore and Thailand, these key markets include Hong Kong, Macau, as well as markets in the Middle East, Central Asia and South-east Asia.
These markets have been earmarked due to the local regulators' support for QR code payments, along with the markets' calls for the QR code payments to be adopted as a low-cost mobile payment option.
Earlier this year, it partnered Mastercard and Visa to launch a common QR code standard for payment in Thailand, the first in the region.
UnionPay is also the first international payment network to introduce a cross-border marketing platform using the QR code technology to offer exclusive privileges for cardholders in China and abroad.
The company claims that around one billion UnionPay contactless cards have been issued, and about 600,000 contactless terminals have been deployed in over 10 countries and regions.
UnionPay has also gained traction on online payment, with more than 10 million e-commerce merchants based outside mainland China now accepting UnionPay cards.
In June, UnionPay ran a pilot programme to trial QR code payments in Singapore at retail outlets including BreadTalk, Bath & Body Works and Victoria's Secret outlets.
"Following this pilot, we will be extending the service to more merchants in Singapore, and enabling local consumers to enjoy the ease of paying with QR Code when they travel to popular destinations overseas," UnionPay said.
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