China Payments Research

On June 8th, China Union Pay (CUP), China’s bankcard association, released two non-card payment products – Union Pay Online Payment and Mobile Payment thus completing the setup of the company’s non-card online payment platform, built on Union Pay’s bankcard transaction settlement system and characterized by its open type, advanced technology, high efficiency and security.

Without too much fanfare, Nokia and China Unionpay recently launched a near field communication (NFC) contactless payments trial in Shanghai allowing users to download a loyalty application over the air to their phones. It’s actually the 2nd trial of NFC in China. The first project was a ticketing and e-cash application loaded onto 100 phones in the coastal city of Xiamen which was also backed by Nokia.