China UnionPay says its “Cloud QuickPass” (云闪付) payments app has seen roaring growth in the less than three years since its official launch, shaking up a mobile payments heavily dominated by Alipay and WeChat Pay.
In August UnionPay announced that the number of users of its Cloud QuickPass app exceeded 300 million, in the wake of roaring growth since its launch at the end of 2017.
UnionPay teamed up with commercial banks and payments platforms to jointly launch Cloud QuickPass in December 2017.
By December 2018 Cloud QuickPass had amassed over 100 million users, while just ten months later in September 2019 this user volume had broken through the 200 million threshold.
According to UnionPay Cloud QuickPass has facilitated the issuance of consumption vouchers in 128 Chinese cities following the spread of the COVID-19 pandemic, including Wuhan, Nantong, Ningbo and Qingdao, helping to drive nearly 2 billion yuan in consumption.
QuickPass also provides reductions or exemptions on QR code processing fees to micro and small enterprise users, as part of efforts to reduce the operating costs of small businesses.