UnionPay rolls out new mobile payment service
UnionPay International has unveiled a new service that will make its mobile payment solutions available outside China.
The new service, dubbed UnionPay International Mobile Payment Service (UMPS), will enable UnionPay cardholders to make transactions instantly.
To address security concerns, the service leverages tokenisation to ensure that card details are not stored on the mobile device.
For institutions and retailers, UMPS is a low-cost option to launch various mobile payment solutions.
At the same time, mobile phone manufacturers can incorporate a range of mobile payment features to their products by linking their Trusted Service Manager to UMPS, the company said.
UnionPay International CEO Cai Jianbo said: “The launch of UMPS will contribute to the global rollout of the UnionPay mobile payment products, offering UnionPay cardholders smooth mobile payment experiences both in and outside mainland China, and further facilitating the ‘going global’ of China’s mobile payment services, technologies and standards.”
The company added that UMPS will enable it to roll out Huawei Pay globally in 2018, starting with Russia.
The firm also unveiled plans to launch UnionPay QR code payment in Tajikistan, Japan, Cambodia and Suriname this year.