OFF INTO THE WILD WET YONDER How does this...
China’s Mobile Payment Market Just Got More Competitive
Mobile payment activity is rapidly on the rise in China, mainly with apps such as Alipay from Alibaba Group and Tencent’s WeChat Pay. China’s state-run bank card issuer UnionPay has now entered the ring, looking to compete with the top dogs by introducing Quick Pass—an Android-based mobile payment service that is supposed to be even easier to use.
South China Morning Post reported that UnionPay has already announced the launch of Quick Pass, in cooperation with several commercial banks as well as numerous smartphone manufacturers. The main selling points for this new app are the quick payment (just two seconds) plus the ability to conduct transactions without internet availability.
Payments can be made at point of sale (POS) terminals in stores such as Carrefour and McDonald’s or, if making online purchases, through UnionPay’s existing payment system.
Quick Pass is said to have more security in regards to consumer’s personal information—but what exactly proves this method is really more secure is anyone’s guess.
If China’s eager beaver shoppers start making use of Quick Pass, it just might shake up Alipay’s dominance over about 75% of the mobile payment market. WeChat Pay is a distant second with about 13%. And Quick Pass stands an even better chance to compete if a version is made available for the many iPhone users in the country.