UnionPay`s Quickpass sets foot on first foreign market

Wednesday 31 December 2014 08:42 CET | News

UnionPay International, a subsidiary of bankcard association China UnionPay, has launched the UnionPay Quickpass service in South Korea where consumers can make payments by waving their UnionPay IC cards in front of contactless payment terminals at more than 8,000 GS25 convenient stores in South Korea.

This is the first time UnionPay International launches the service in a foreign market. Quickpass is a UnionPay contactless payment product which is compatible with the EMV standard. Cardholders can pay by waiving their card in front of a contactless payment terminal. Currently, UnionPay Quickpass service has been supported by over 3.6 million terminals in the Chinese mainland, Hong Kong and Macau.

The Quickpass service has been launched by UnionPay International in cooperation with BC Card to enable UnionPay cardholders to pay by waving their card. In China, the Quickpass service is given a load amount capped at CNY 1,000 and an upper limit of purchase amount. In consideration of the frequent occurrence of cross-border spending and the inconvenience reloading, UnionPay Quickpass service in South Korea will not be given upper limits for the amount of balances and payments. Besides, based on chip technology, consumers can verify their transaction through signature or PIN to ensure security.

GS25 is a chain convenient store in South Korea, which sells pickled vegetables, instant noodles, snacks, beverages, daily necessities and other items of Korean characteristics.

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Keywords: UnionPay, Quickpass, contactless payment terminals, EMV, BC Card
Categories: Payments & Commerce
Countries: World
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