China’s UnionPay chip card :: Conquering the Asia-Pacific

Chip card payment solutions.

The benefits of international cooperation between China and its regional neighbors of the ASEAN are slowly being exploited by the Chinese company UnionPay in a very big way; this advantage may soon be applied to the regional countries.

This step has been taken full advantage of by China in installing its standards of Financial Technology in a global setting. A subsidiary of UnionPay called UnionPay International Co. Ltd has managed to enter into an agreement with six nations of the Asia Pacific region and has signed a number of the members of Asian payment Network (APN) last fortnight.

UnionPay International Company Ltd. made this breakthrough landmark by entering into a standard licensing with the six countries thus taking the Chinese financial standards to the next higher level marking the spread.

Thus, the near future will see the card issuances and card acceptance UnionPay chip card standards will be adopted by the networks in:
• The Philippines, ,
• South Korea,
• Singapore,
• Malaysia,
• Indonesia, and
• Thailand,

The major advantage that the major switch networks will provide through this cooperation will be that:
• The main advantage of the agreement will be that there will be a concerted improvement in the promotion of the payment systems since there will an automatic shift to cards with a chip. These markets are currently using the cards with a magnetic stripe in them,
• This step will also other payments in these markets and facilitate the following:
i. Introduction of payment products that are contactless,
ii. Provision of a wallet-based payments, and
iii. Mobile payment products.

The market is upbeat with this news since it would mark a turning point for these markets and promote further innovations. This agreement will mark a landmark event in the expansion and provide a spurt in the growth of China’s rapidly growing payment industry.

The importance of the payment industry has a significant bearing since e-commerce will be promoted and economic growth will be fuelled due to its ability to meet the varied and diverse demands of the consumers.

It will also enhance financial inclusion according to many observers and analysts of the markets in the region.
Bank of China’s Vice-President, Fan Yifei also expressed similar sentiments indicating that this event of adoption by UnionPay was a landmark event in as much as that it shows that the chip of the UnionPay by the members of Asian Payment Network shows the acceptance of the technology and applicability of the chip by the international markets.
This agreement will also lead to further promotions and up gradations of the digital payment media across the region and its acceptance in other countries of the region.

The main factors that will be instrumental in establishing the UnionPay chip technology in this region and one that will encourage more clients to come forward and adopt the UnionPay products:
• Maintain cordial, professional relations with clients,
• Encourage clients to speak out about the advantages that they gained after associating with UnionPay,
• Provide constant, timely and time-bound services , and
• Keep in touch after every job for ensuring wholesome satisfaction.
That is the road to success as far as landing projects is concerned.

About UnionPay

UnionPay is an arm of the parent company called China UnionPay that is responsible for the global growth and support network for its products. It has active associations with more than 1000 institutions across the globe providing and empowering its clients.
Its card acceptance activities have been launched in more than 160 countries while it issues its cards through its branches and associates in over 40 countries.

Its secure payment services are known to be running efficiently and providing seamless payment services across cross-border platforms. The high quality of its cost-effective services makes it the largest cardholder base of the world.

It is also an able provider of local services that are consistent and convenient and having the backing of a large network of Merchants and Cardholders. It also continues to pursue new and innovative expansion models and spreading horizontally outside mainland China.

The chairman of China UnionPay, Ge Huayong explained that for more than two years now, UnionPay has been ensuring rapid expansion of the financial infrastrucdture in Asia; the new agreement will be another building block in ensuring higher interconnectivity for the existing and anticipated payment networks in the Asia Pacific region.

He went on to add that UnionPay will enhance the ease of cross-border transactions and will provide better services with its superior products like its Mobile Quickpass and other products.

Umrao singh
umraoz.wordpress.com

Wednesday, 02 November 2016
Written for: Lars-Magnus Carlsson
www.thephilippinepride.com

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