UnionPay "Cloud Flash Payment" product launched in Hong Kong

UnionPay International announced yesterday that it has cooperated with Bank of China (601988) (Hong Kong) (referred to as BOC Hong Kong) to launch UnionPay "Cloud Flash Payment" products in Hong Kong for the first time. Hong Kong cardholders can use the mobile phone to bind the UnionPay dual-currency credit card issued by BOC Hong Kong, and conveniently “swipe” mobile payment in daily life.

“Cloud Flash Pay” supports offline payment for smartphones, wearable devices and UnionPay chip cards, and can also be used for mobile internet payments. The innovative products represented by “Cloud Flash Pay” have become an important “power point” for UnionPay's international business development to better meet the diverse payment needs of cardholders. On the one hand, the scope of acceptance of “Cloud Flash Pay” has been expanding, and more than 400,000 POS terminals overseas have supported “Cloud Flash Pay”, covering China, Hong Kong, Macao and Taiwan regions, South Korea, Singapore, Canada, Australia, United Arab Emirates, etc.; UnionPay International has issued “Cloud Flash Payment” products in areas with a large number of UnionPay cards issued in Northeast Asia and Southeast Asia to support local residents.

Hong Kong is a relatively common market for UnionPay cards. The local has issued a total of 16 million UnionPay cards, which means that each Hong Kong person has an average of two UnionPay cards. At present, “Cloud Flash Pay” can be used in many daily consumer businesses such as Sogo Department Store, 7-111, Wanning, Cuihua Restaurant, and nearly 20,000 POS terminals. More Hong Kong card issuers will issue “Cloud Flash” in the year. Pay" products.

UnionPay's “Cloud Flash Pay” service has obvious advantages: First, it is convenient to pay at all domestic and foreign sales terminals with “QuickPass” logo, especially for overseas consumers who use mobile phones to pay widely in online and offline merchants, covering KFC, More than 10 million POS terminals from McDonald's, Watson's, Starbucks, and the whole family, as well as mobile apps for domestic online merchants such as Ctrip, Eastern Airlines (600115), Jingdong Mall, and Public Comment. The second is security. “Cloud Flash Pay” has multiple security guarantees such as dynamic key and payment mark. The real card number is not displayed when payment is made, and the transaction information stays in the issuing bank and the UnionPay network.

According to the latest data, in 2016, the amount of overseas transactions of UnionPay “Cloud Flash Payment” increased by nearly 5 times year-on-year, indicating that this service is welcomed by more and more cardholders and merchants. At present, Australia is the largest overseas market for “cloud flash payment” terminals. Half of the physical stores that can use UnionPay cards in the local area support the “cloud flash payment” service.