Source: UnionPay International
UnionPay International and KT Corporation together with its subsidiary BCcard jointly announced to launch UnionPay HCE mobile QuickPass in South Korea, which will enable the local UnionPay cardholders to pay by tapping their mobile phones.
South Korea becomes the first overseas market to have launched mobile QuickPass. Ge Huayong, Chairman of China UnionPay, Hwang Chang-Gyu, CEO of KT Corporation, and Suh Joon-Hee, CEO of BCcard attended the launching ceremony.
Mobile QuickPass is UnionPay's new mobile payment solution. It supports both offline contactless payment and online payment. It encompasses many mobile payment products, including HCE, Apple Pay and Sumsang Pay. It is safer than other mobile payment products, for it provides multiple security assurance including dynamic password and payment token. The real bankcard number is not shown during payment, and the transaction information is well-kept within the issuer and UnionPay's network.
Two factors facilitates mobile QuickPass's debut in South Korea. First, over 19 million UnionPay cards have been issued there. Second, over the first 5 months of this year, the transaction volume of Korea-issued UnionPay cards in mainland China grew 45% year-on-year. The UnionPay card have become an important payment method for Korean residents who visit China.
Now, Korean cardholders can bind their UnionPay cards issued by BCcard or its members with their NFC-enabled mobile phones. Then, they can tap their phones to pay at the QuickPass terminals at Doota, all local Watsons and GS25 and Gong Cha stores, as well as the over 7 million QuickPass terminals across mainland China, Hong Kong, Macau, Taiwan, Singapore, and New Zealand.
Ge Huayong said, this cooperation is a significant step UnionPay takes in promoting its mobile QuickPass around the world. It enhances card-using security and caters to cardholders' new card-using habits. It also helps accumulate experience for mobile QuickPass's expansion to other overseas markets. The launch of UnionPay's innovative products and services overseas will provide more flexible payment experiences for overseas visitors.
Now, it is convenient to use UnionPay cards in South Korea. About 70,000 ATMs accept UnionPay cards for cash withdrawal. All merchants that accept signature payment accept UnionPay credit cards, while about 1.63 million merchants accept UnionPay cards for PIN-based payment. All the local taxis accept UnionPay credit cards. Over 60,000 Korean online merchants accept UnionPay online payment.