China UnionPay and banks launch unified payments app

China UnionPay has joined forces with over 30 commercial banks and payments institutions to launch a new unified payments app for China’s banking industry.

Through the new QuickPass app, users can link their bank cards, manage different bank accounts, as well as use the mobile payment services offered by each bank.

The QuickPass app allows users to open an account with some banks without registering for a physical bank card. Transfers can then be made among different accounts via the app.

Payments via the QuickPass app are now accepted by 100,000 stores, over 30 colleges and more than 300 utilities companies nationwide.

China UnionPay said it will next focus on payment transactions on public transportation, in the healthcare sector, on vending machines and in smart parking lots.

Figures released by the People's Bank of China show 9.72 billion mobile payments were made with a transaction amount of 49.26 trillion yuan (around 7.44 trillion US dollars) in the third quarter of 2017, registering year-on-year increases of 46.7 and 39.4 %, respectively.