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According to China Daily, ChinaUnionPay launched its NFC mobile payment app – Wallet – last Friday.
The app, called simply Wallet,enables users to connect their phones with their bank card accounts, so theycan simply swipe their phones against point of sales terminals. Users can alsolocate stores, hotels and other service providers and download vouchers.
China UnionPay has signed up anumber of major banks and merchants for its newly launched service.
Eight banks have joined the NFCpayment platform, including some of the country’s largest such as Bankof China Ltd, Shanghai Pudong Development Bank and China CITIC Bank. Moreare expected to sign up to the service, which uses China UnionPay’s trustedservice management platform. The platform is fully integrated with that of ChinaMobile Ltd.
CUP has been making a lot ofprogress in recent years upgrading its POS terminals in China to becontactless/NFC compatible. Currently over 1.3 million POS terminals have beenupgraded to accept such payments.
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