UnionPay announces new mobile payments service


Daniel Webber
Daniel Webber
Founder & CEO
Daniel is Founder and CEO of FXcompared and has 18 years of experience in the international finance world focusing on cross-border payments, technology and the property sectors. Daniel is widely… Read more
  • Firm to work alongside Huawei and the National Bank of Pakistan in order to bring new services to customers in Pakistan
  • It will be possible for users to pair up their card with their phone just once and then access multiple payment methods from there
  • “To appeal to users in different regions, UPI has developed products based on two payment methods, QR code and contactless - providing a seamless payment experience whenever, wherever,” said a UnionPay press release

Major Chinese international money transfer firm UnionPay International (UPI) has revealed that it will be distributing the mobile payment services of Huawei.

UnionPay will offer the services in Pakistan, and it will do so in partnership with the National Bank of Pakistan and with Huawei itself.

This will mean that people in the country who have a phone made by either Huawei or Honor will be able to use either QR codes or contactless to make online money transfers.

It is likely to mean a significant time saving for users, as they will only be required to pair up their card with their mobile phone on one occasion.

From there, they will be able to use many different payment methods.

Pakistani users will be able to pair up their National Bank of Pakistan cards with their Huawei Pay app and then go ahead with either “tap and go” or “scan and go” payments.

For security, fingerprint identity verification will be on offer – meaning that the service can be reached without loading the application manually.

According to a press release, the move comes as part of a trajectory of international expansion on UnionPay’s part.

“As the adoption of mobile payment services gathers momentum, UnionPay International has expanded its services outside mainland China”, the release read.

“To appeal to users in different regions, UPI has developed products based on two payment methods, QR code and contactless - providing a seamless payment experience whenever, wherever.

“The launch of the dual payment function will enable UPI's partner institutions to provide their customers with diverse and more flexible mobile payment services with higher efficiency”, it added.

The release also went into some detail about the reasons why the firm had chosen to make the decisions it had.

“Several factors contributed to the launch of the new function in Pakistan”, it explained.

“In Pakistan, mobile payment get a boost with an increasing number of young people relying on smartphones and digital wallets to make payments.”

“Meanwhile, UnionPay is accepted nationwide with some 300 thousand merchants accepting payment by UnionPay QR code”, it added.

The firm already has a strong presence in the Pakistan market, however.

It is understood that over 12m cards are issued there every year, and that overall, it is the second-largest international card scheme – when measured by issuance of cards – in the whole country.

Don’t allow the ever-changing cross border payments market to leave you behind. Check out our news pages to find out the latest about the goings-on in this sector.

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