(14 December 2017 – China) China UnionPay has partnered with more than 30 commercial banks and payment institutions to launch “Mobile QuickPass”, the unified app for China's banking industry.
In a statement, the payment services provider said that the newly launched app “offers users an easy, smooth and seamless mobile payment experience.”
According to UnionPay, the app is aimed at unifying user experiences, saving users from the hassle of having to learn to use various other apps from different providers, to meet the increasingly diverse needs of users, and provides an open platform for all players to collaborate on while promoting more financial innovations.
Mobile QuickPass is a unified mobile payment portal jointly developed and maintained by commercial banks and UnionPay, under the guidance of the country’s central bank.
Customers are able to link their bank cards to the app, manage different bank accounts, and enjoy the mobile payment services and benefits offered by each bank. Customers can also access UnionPay QR code payment, sign up for various mobile payment solutions, comprehensive credit card services, P2P real-time transfer and payment services in various scenarios.
Deputy Governor of the People's Bank of China, Fan Yifei said, “The rapid development of China's payments industry over the past few years has played a crucial role in promoting financial innovation and sustaining rapid economic growth.
He added that the central bank is “devoted to creating a level playing field for competitors in the payment industry by implementing strict regulations, preventing financial risks, and facilitating consumptions so as to better support the real economy and the Inclusive Financial System.”
“This jointly launched mobile payment APP adopts unified portal standards in user identification and user experiences. It is a significant measure in enhancing financial innovation and promoting seamless retail payments for customers.
Highlighting the need for security measures, he said “While promoting further innovation on financial technologies, we must maintain a high level of payment security, giving priority to the customers' interests and safeguard the people's funds and personal information. I sincerely hope that all the parties involved will use the launch of this mobile APP as a starting point to continue expanding cooperation and integrating resources, and to jointly provide comprehensive, multi-faceted, convenient and efficient mobile payment services to meet the increasingly diverse needs of the people.”
President of China UnionPay, Shi Wenchao, said the unified app is the result and further development of the long-term cooperation in the banking industry, demonstrating the collective wisdom of all parties.