People’s Bank of China Oversees Development of New Unified Payments App

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The Chinese banking and payments sector has launched a pioneering new app which combines the disparate functions of other mobile platforms, as well as links smart devices to the bank accounts and cards of users.

China UnionPay and more than 30 commercial banks and payment institutions teamed up to launch “Mobile QuickPass” on December 11, a unified mobile portal that seeks to unify and combine the the broad range of functions provided by other financial apps.

The app is provides a comprehensive range of payment services, including balance inquiries, easy transfers, one-stop instalment, credit card services and bill inquiries, while also covering a broad variety of payment scenarios both online and in bricks and mortar settings.

Developers claim that the app is accessible to the entire Chinese banking system, integrating the different payment tools provided by various financial institutions, including mobile NFC payment, QR code payment, function collection and transfer and remote payment.

The app can be used with 100,000 convenient stores and supermarkets, over 300 public service utilities and more than 100 food markets in China, and is also available on railway lines and air flights.

Mobile QuickPass can also be used in many jurisdictions outside of mainland China, given that it integrates the UnionQR code payment function, which is already employed by retailers in Macau, Hong Kong and Singapore, and is schedule for launch in parts of Southeast Asia and the Middle East.

The developers of Mobile QuickPass hope that it spares users the difficulty of needing to learn how to use multiple apps, while also providing an open platform for future Fintech innovations.

The People’s Bank of China oversaw the development of the app by UnionPay and the country’s commercial banks.

“The rapid development of China’s payments industry over the past few years has played a crucial role in promoting financial innovation and sustaining rapid economic growth,” said Fan Yifei, Deputy Governor of the People’s Bank of China.

“The People’s Bank of China executes the instruction given by Chinese government, and is devoted to creating a level playing field for competitors in the payment industry by implementing strict regulations, preventing financial risk and facilitating consumptions so as to better support the real economy and the Inclusive Financial System.

“This jointly launched mobile payment APP adopts unified portal standards in user identification and user experiences..it is a significant measure in enhancing financial innovation and promoting seamless retail payments for customers.

“Entrepreneurs shall accurately identify people’s needs, improve the service level in mobile payments and bring convenience to people’s life in a comprehensive way.”

 

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