The Age: Security and convenience driving innovation in payments
The rise of e-commerce, proliferation of smartphones and move away from cash by consumers is seeing payment network providers such as UnionPay International focus on innovation and security.
In Australia alone, there are 8.3 billion card payments a year and 33.5 million digital payments everyday*. This large volume of transactions means the payment networks sector is constantly evolving to ensure payments are made securely and seamlessly, embracing digital changes to develop customer-centric offerings.
James Yang, UnionPay South Pacific, General Manager, said payment network providers were in step with consumer trends moving their offering from cards to mobile apps and e-wallets, as well as implementing tokenisation technologies.
“UnionPay has the world’s largest cardholder base with over seven billion cards issued across 52 countries and regions. Providing security and effortless convenience for all of our customers is key when looking to the future.
“Supporting both merchants and consumers, UnionPay International invests significantly in technology and innovation to deliver a range of leading products, all adhering to the highest standards of security and protection.”
UnionPay’s innovative products, such as UnionPay mobile QuickPass and UnionPay QR Code payment, have experienced strong market uptake by customers. In additional to the tokenisation security to card transactions for both merchants and consumers, these products are in line with EMV ® international standards.
“The UnionPay App now has more than 150 million activated users around the world. UnionPay International is also jointly developing e-wallet products with overseas partners, to provide overseas customers with UnionPay mobile payment services around the world,” Mr Yang said.
At present, consumers in Singapore, Thailand, Vietnam, Hong Kong and Macao are able to bind their locally-issued UnionPay cards on the mobile payment apps to enjoy QR Code payment service worldwide.
UnionPay QuickPass, UnionPay’s contactless payment service, is accepted at over 18 million POS terminals, covering 36 countries and regions including Australia, New Zealand, Canada, Hong Kong, Macau, Singapore, Russia, UAE, Greece, UK, Austria and Japan.
UnionPay QR Code payment is accepted by 10 million merchants in 29 countries and regions, covering the major e-commerce providers and offline merchants.