UnionPay International inked a deal with South Korea’s KB Kookmin Card and LG Uplus in mobile payment service, agreeing to enable South Korean UnionPay cardholders to pay by waving their mobiles phones in front of QuickPass terminals across the world in July.
KB is the second largest bankcard issuer in South Korea and LG Uplus is one of the big three local telecommunication companies and supports NFC (near field communication) mobile payment. The cooperation between the three sides is aimed at rolling out UnionPay QuickPass service for mobile devices in South Korea.
After setting up their KB UnionPay cards issued in South Korea with their mobile phones, LG Uplus users could make payments by simply waving the phone on UnionPay QuickPass terminals. South Korea also becomes the first overseas market where the QuickPass function is supported for mobile phones.
As an innovative chip-based contactless payment product, QuickPass not only allows cardholders to pay with a simple tap-and-go to avoid complicated payment process, but also has security advantages as the bank card industry upgrades.
Compared with software-based mobile payments including QR code scanning, secure chip-based NFC payment allows cardholders to complete payment without relying on mobile internet or Wifi. Besides, the payment information will only be circulating in secure and reliable financial information processing networks and protected with keys to provide the highest security to protect bankcard information and avoid fraudulent transactions.
The cooperation between UnionPay International, KB Kookmin Card and LG Uplus on mobile payment services is an exploration for bringing NFC payment from China to overseas markets and is expected to provide South Korean residents with more convenient and secure payment services. In the future, we will continue to make innovations in diversified payment solutions to bring global cardholders better card-using experience.
Currently, more than 1 billion UnionPay IC cards have been issued around the world, with 700 million of them supporting the QuickPass function. UnionPay cards that support QuickPass have been issued in markets including Hong Kong, Macau and Cambodia. The cards are accepted not only by over 5 million QuickPass acceptance terminals in the Chinese mainland, but also in the Doota Mall of Dongdaemun and more than 8,000 GS25 convenience stores in South Korea.
In Hong Kong and Macau, a total of around 3,000 QuickPass terminals are located in supermarkets, coffee shops, restaurants, public transportation, parking lots and utility toll offices. In Taiwan, UnionPay QuickPass service has also been gradually launched in local malls, fashion stores and chain bookstores.
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