China UnionPay and banks create unified payments app
China UnionPay has teamed up with more than 30 local commercial banks and payment institutions to launch a unified app for the country’s banking industry.
Customers can link their bank cards to the app, manage different bank accounts, and use the mobile payment services and benefits offered by each bank – including UnionPay QR code payments, comprehensive credit card services and P2P real-time transfers.
UnionPay says that by integrating payment functions from the member banks, it can unifying the user experience and save customers from the hassle of having to learn to use apps from different providers.
Fan Yifei, deputy governor, People’s Bank of China, says: “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.”