China UnionPay launch an application for Mobile payments

China’s payment system China UnionPay (CUP) announced the launch of applications for smartphones for mobile payments and financial services.

Wallet app will allow users to “link” your phone with bank cards, so they will be able to make transactions via phone through POS-terminals. With the application, users will also be able to find different TSP, hotels, etc.

Recall that in China there are already 1.3 million POS-terminals supporting NFC in supermarkets, shops, restaurants and metro stations. Eight banks have joined the NFC-payment platform, including Bank of China, Shanghai Pudong Development Bank and China CITIC Bank.
CUP has signed an agreement with a provider of financial services Commonwealth Bank in order to expand the presence of the payment system in Australia, Chinese tourists and aid organizations in establishing contacts with Australian companies.

Roman Mikhaelov

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