UnionPay launches Quickpay in Korea
(28 June 2016 – South Korea) Chinese bankcard issuer, UnionPay International has launched its host card emulation (HCE) and tokenisation based mobile payment service in South Korea, enabling its cardholders to pay by tapping their mobile phones.
The launch of the new service, called QuickPass is supported by mobile network operator KT and its subsidiary BCcard.
“Now, Korean cardholders can bind their UnionPay cards issued by BCcard or its members with their NFC-enabled mobile phones,” UnionPay says.
“Then, they can tap their phones to pay at the QuickPass terminals at Doota, all local Watsons and GS25 and Gong Cha stores, as well as over 7m QuickPass terminals across mainland China, Hong Kong, Macau, Taiwan, Singapore and New Zealand.
“It supports both offline contactless payment and online payment. It encompasses many mobile payment products including HCE, Apple Pay and Samsung Pay. It is safer than other mobile payment products for it provides multiple security assurance, including dynamic password and payment token.”
According to Union Pay, South Korea is the first foreign market to receive mobile QuickPass,” the company adds.
“Two factors facilitates mobile QuickPass’ debut in South Korea. First, over 19 million UnionPay cards have been issued there. Second, over the first five months of this year, the transaction volume of Korea-issued UnionPay cards in mainland China grew 45 percent year-on-year.”
“This cooperation is a significant step UnionPay takes in promoting its mobile QuickPass around the world,” says Ge Huayong, chairman of China UnionPay.
“It enhances card-using security and caters to cardholders’ new card-using habits.
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