Singapore has launched China UnionPay’s (CUP) QuickPass acceptance at merchants for daily purchase, such as catering stores and supermarkets. It is the first time that UnionPay QuickPass service extends to the Southeast Asia market which is frequently visited by tourists.
The service is first enabled at daily shopping stores featuring small-value payment, including fast food restaurants at airports, movie theaters, coffee shops, chain supermarkets and all Hock Hwa tonic chain stores in Singapore. Cardholders can complete payment by tapping UnionPay cards at these merchants. For UnionPay debit cards, spending of less than 100 Singapore Dollar requires no signature; for UnionPay credit cards, spending of less than 100 Singapore Dollar requires no password or signature.
UnionPay QuickPass is a contactless payment application with security guarantee of UnionPay chip cards. The upper limit set for small-value payment, consistent with international practice, can better ensure card using security. Compared with QR code payment that has moved from online to offline, QuickPass is equipped with higher security and exempted from the limitation of WIFI network and international roaming traffic. At present, UnionPay QuickPass is favored by an increasing number of overseas merchants due to its rapidness, convenience and safety. It also helps merchants to build the terminal acceptance basis in preparation for HCE and other mobile payments in the future.
Going forward, UnionPay International will greatly expand the acceptance of UnionPay QuickPass in Singapore to cover local well-known shopping centers, chain supermarkets and recreational sites. In the meantime, mainstream institutions in Singapore will issue UnionPay QuickPass cards and deliver convenient and safe QuickPass experience to local residents.
The latest data indicate that more than 1.2 billion UnionPay chip cards have been issued worldwide, among which over 700 million chip cards have the QuickPass function. So far, there are more than 30,000 QuickPass terminals overseas and the number will increase to 40,000 within this year. In Macao, UnionPay QuickPass cards are accepted by all buses. The SAR Government also promotes QuickPass in such fields as government service and public utilities billing. In Taiwan, UnionPay QuickPass is enabled at more than 1,000 POS terminals including Jinmen, Mazu and Penghu. Cardholders can also tap UnionPay QuickPass cards in South Korean Doota Shopping Center, all GS25 convenience stores and Myer, the largest department group in Australia.
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