PR85334

BEIJING, Aug. 31, 2020 /PRNewswire=KYODO JBN/ --

On August 31, UnionPay launched its digital bankcard together with commercial

banks, major mobile phone manufacturers, and key merchants and payment

institutions. The process of card application and collection is completely

digitalized, providing cardholders with a new generation of payment experience.

The digital debit and credit card launched this time within and outside

Mainland China feature four characteristics. Firstly, they digitalize

traditional bankcards. Services are delivered digitally to satisfy multiple

payment demands such as purchases, cash deposits and withdrawals, bank

transfers, mobile QuickPass payments, and QR code payments. Secondly, card

application and payments are made swift and easy. Users around the world can

apply for cards, link them, and use them through various platforms, including

the UnionPay App, bank apps, and e-wallets developed by mobile phone

manufacturers. They can pay with mobile QuickPass or QR code by tapping on the

screen to access the contactless card or the QR code. Thirdly, payments through

digital bankcards are secured. Sensitive information, such as the card number

and expiry date, is protected throughout the payment process by all-around

technologies including tokenization and real-time risk monitoring. The funds

and personal data are thus safeguarded. Fourthly, digital bankcards help

connect different industries and use cases. With the Token 2.0 digital payment

framework, users can push their digital cards to e-commerce retailers, public

transit providers or e-wallets as they wish. The cards also come with exclusive

benefits, contributing to an interconnected digital payment ecosystem.

Mr. Cai Jianbo, First Executive Vice President of China UnionPay, said that

UnionPay, commercial banks and other industry players have been working

together in rolling out innovative products such as QR code payments, mobile

QuickPass and facial recognition-based payments to provide the public with

quality and secure payment services. The new digital bankcard is a response to

the market demand. Developed with the support of various parties within the

industry, the product serves as UnionPay's latest attempt to drive the

digitalization of payment services.

To users, the innovative bankcard will bring a seamless payment experience they

have never had. Card application can be completed online within a few steps on

several platforms such as the UnionPay App, bank apps or e-wallets developed by

mobile phone manufacturers. When the application is successful, the functions

of wealth management, purchase, and payment will all be enabled to meet the

demand in various use cases. Users can view and manage their digital bankcard

on the UnionPay App on a real-time basis. Additionally, they can enjoy a wide

range of exclusive benefits wherever they are in the world.

About UnionPay International

UnionPay International (UPI) is a subsidiary of China UnionPay focused on the

growth and support of UnionPay's global business. In partnership with more than

2,300 institutions worldwide, UnionPay International has enabled card acceptance

in 179 countries and regions with issuance in 61 countries and regions.

SOURCE:  UnionPay International