China UnionPay unveils its virtual wallet for online to offline purchases

China (July 18, 2013): Chinese bank card organization China UnionPay (CUP) has introduced UnionPay wallet which provides convenience in making payment for online and offline purchases.

According to Banking and Payment Asia, UnionPay Wallet allows customers to carry out low value transactions at NFC-enabled point of sale terminals by linking their bank card account to their smartphone. The report says Bank of China, Bank of Shanghai, Bank of Beijing, China Everbright Bank, China CITIC Bank, China Minsheng Banking Corp, GF Securities and Shanghai Pudong Development Bank will join UnionPay’s NFC payment platform.

Author: VSDaily Editor

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