UnionPay takes mobile payment services fight to Alibaba and Tencent with integrated app
Card alliance is struggling against the popularity of Alipay and Tenpay
China UnionPay has created an integrated mobile app that facilitates nearly all mainland banks to expand mobile payment services, spurring a strong fightback against third-party payment services backed by Alibaba Group Holding and Tencent Holdings.
The mainland’s dominant bank card clearing service provider has also launched a nationwide campaign with aggressive discounts to attract shoppers who have been increasingly using Alipay and Tenpay services.
“The QuickPass app, created under the guidance of the central bank, is a unified platform that utilises all resources by commercial banks to offer users access to mobile payment,” UnionPay said in a statement.
The launch of the app reflects UnionPay’s strongest ever efforts to compete against the two internet giants with the battle for mainland consumers’ mobile payments escalating, analysts say.
UnionPay offers both near field communication technology and QR code services on the unified platform.
It announced earlier that the facial recognition technology used in payment was also in the works.
UnionPay said the app could be linked to more than one bank account by different banks with all of their mobile payment services accepted and conducted via the platform.