China UnionPay, 20 Banks Launch Virtual Payment Card 'Cloud QuickPass'
Tencent Tech, 12/14/15
Chinese banking network China UnionPay recently announced that it will ally with over 20 merchant banks to launch a virtual payment card called Cloud QuickPass. Starting today, users will be able to make payments through Cloud QuickPass on their mobile phones. Reportedly, Cloud Quickpass is based on host card emulation (HCE) and Token technology. Users need a smartphone with Android near-field communication (NFC) technology (running Android 4.4.2 operating system or newer), which allows them to use the mobile app to generate a duplicate or virtual UnionPay card, the Cloud QuickPass card. Users can make offline payments via point of sale (POS) systems that support UnionPay's QuickPass identification technology as well as secure online payments at online merchants.
UnionPay CEO Shi Wenzhao said that Cloud QuickPass has several security measures, including a dynamic security key and cloud authentication. When making payments, it does not display the actual card number, effectively protecting the cardholder's privacy and sensitive payment information. There are over 20 banks in the first round of adopters of the technology, including The Industrial and Commercial Bank of China (ICBC) (1398.HK), Agricultural Bank of China, Bank of China, China Construction Bank, China Communications Bank, and China Merchant's Bank. Additionally, 25 merchants have already begun taking part in UnionPay's exclusive promotion, including French retailer Carrefour, global fast food chain McDonald's, and drug store chain Watsons.
Cloud QuickPass is currently available only on Android, but an inside source has revealed that an iOS version is scheduled to be released during Q1 2016.
Keywords: Cloud QuickPass Yunshanfu mobile payment e-payment online payment Shi Wenzhao China Merchant's Bank Agricultural Bank of China Bank of China China Construction Bank Internet China UnionPay ICBC China Communications Bank 1398.HK contactless payment
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