UnionPay is collaborating with Visa and Mastercard to develop a common standard for QR code payment

UnionPay International is now accelerating the promotion of its innovative products and services globally. Southeast and Northeast Asia are the key target markets.

According to the latest data, the cross-border transaction volume of mobile QuickPass, the UnionPay mobile payment product, doubled in the first half of this year. More notably, more overseas customers are using mobile QuickPass. The transaction volume of mobile QuickPass used locally in Hong Kong and Macau more than tripled and the transaction of mobile QuickPass by Hong Kong and Macau cardholders in mainland China grew by over 7 times year-on-year.

The transformation of UnionPay cross-border payment serviceMobile QuickPass has become a major product promoted by UnionPay worldwide. It supports various mobile Pay products, UnionPay QR code payment, in-store payment with UnionPay chip cards and wearable devices, as well as in-app online payment.Now, mobile QuickPass NFC payment is accepted at about 500,000 POS terminals outside mainland China.

Mobile QuickPass QR code payment is launched in Hong Kong and Singapore. The apps of merchants in Hong Kong and Japan support mobile QuickPass too.UnionPay International is also offering mobile payment service to more global customers. Hong Kong cardholders may add their UnionPay cards issued by Bank of China, Standard Chartered Bank and Bank of East Asia to their mobile phones.

UnionPay thus becomes the only card brand that provides mobile payment service for the local debit cardholders. Mobile QuickPass is also available in Macau and South Korea.Over the past few years, UnionPay International has developed innovative products that can be used internationally, including cross-border B2B platform, digital wallet, cross-border marketing platform U Plan, etc. Supporting these innovative products are TSP (Token Service Platform), TSM (Trusted Service Management), HCE cloud platform and a series of other platforms.

UnionPay QR code payment launched outside mainland China

Since this year, UnionPay International is accelerating the promotion of its QR code payment outside mainland China. Southeast Asia is the core region for now.

This is due to two factors. First, UnionPay is extensively accepted in Southeast Asia, and has also participated in the financial infrastructure construction and payment standard cooperation in several Southeast Asian markets. Therefore, the technical condition is mature for promoting innovative products. Second, countries in the region have great demands for payment industry upgrade.

Besides Hong Kong and Singapore, mobile QuickPass QR code payment will be launched in Thailand, Indonesia and Australia soon. In Southeast Asia, UnionPay International is also collaborating with several countries to launch e-wallet products within this year.

In Thailand, UnionPay is collaborating with Visa and Mastercard to develop a common standard for QR code payment that will be recommended by Bank of Thailand to the local financial institutions and merchants. It is expected that more Southeast Asian countries will adopt UnionPay standard, which is compatible with international standard and more secure, when launching QR code payment products in the future.