UnionPay (China) lets smartphone users ring up purchases in two seconds flat

union pay

Source – South China Morning Post

Editor’s note: we came across this today and thought it might be of interest.  

“Imagine standing in a store with no cash or bank cards or even a telecoms signal and just waving a smartphone above a point of sale unit. Seconds later, the payment is done.

That is what China UnionPay is promoting.

On Saturday, together with more than 20 banks, smartphone makers and internet companies, China UnionPay formally released Quick Pass to strengthen its presence in the competitive third-party, mobile payment market.

According to the company, users don’t need to open an app in order to pay nor is internet availability an issue. The system also gave them better security of their personal information, UnionPay said. Set-up takes 30 seconds and payment is quick – two seconds.

Trial runs, led by the Industrial and Commercial Bank of China, began in May and the service has already been established in McDonald’s and petrol stations. ”

Read the full article here: http://www.scmp.com/news/china/money-wealth/article/1890953/chinas-behemoth-unionpay-lets-smartphone-users-ring

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