China UnionPay Launches ‘Wallet’

July 15, 2013

Chinese card network China UnionPay on Friday launched a smartphone application that will enable mobile payments at the point of sale. UnionPay, which has given the new service the bare-bones moniker “Wallet,” said the app will enable contactless payments using a linked credit card and will include features that help users locate stores and download vouchers and coupons.

Eight banks in the country are facilitating NFC payments including Bank of China, Shanghai Pudong Development Bank and China CITIC Bank. China UnionPay already provides the trusted service management platform for the NFC network. The platform is fully integrated with that of China Mobile Ltd. According to research firm GfK China, about 7 million smartphones with NFC functions were sold in the first quarter of 2013, up 551 percent from a year earlier.