Chinese banks team up for unified payments app

A new unified mobile payments app in China has the support of more than 30 local banks and China UnionPay.

More than 30 local banks and payments institutions in China have joined forces with China UnionPay to launch a new, unified mobile payments platform that will integrate a variety of payment functions into one solution.

The Mobile QuickPass app will be jointly developed and maintained by the banks and UnionPay and is said to be the first of its kind in the country, involving multiple players in financial services and related industries.

It is intended to streamline and simplify the mobile payments experience for end-users, ensuring that they are offered a familiar interface and do not have to relearn different apps from different providers if they have multiple accounts or switch banks.

Customers will be able to link their bank cards to the app, manage different bank accounts, and take advantage of the mobile payment services and benefits offered by each bank.

When it comes to payments, UnionPay noted that the app will be available for all major offline and online services. It highlighted “railways, air flights, 100,000 convenience stores and supermarkets, over 30 universities and colleges, over 100 food markets [and] more than 300 public services utilities” as among the places where Mobile QuickPass will be accepted.

Other services to be available through the app include UnionPay QR code payments, the ability to sign up for various mobile payment solutions, comprehensive credit card services, and real-time P2P transfers.

Fan Yifei, deputy governor of the People’s Bank of China, said the fast pace of development in the Chinese payments industry in the last few years has played a “crucial role” in boosting financial innovation and boosting the nation’s economic growth.

“I sincerely hope that all the parties involved will use the launch of this mobile app as a starting point to continue expanding cooperation and integrating resources, and to jointly provide comprehensive, multi-faceted, convenient and efficient mobile payment services to meet the increasingly diverse needs of the people,” he said.

Written by Jack Dougal

Jack Dougal

Jack Dougal is Banking.com's resident news reporter. He writes regular blogs covering the latest stories and key developments in the global financial services industry.

Read more articles from Jack Dougal