According to Yahoo Finance, UnionPay will be introducing the new technology in response to the growing merchant and user demand for safe mobile payment systems as a result of the COVID-19 pandemic. Therefore, UnionPay QR code payment is accepted at over 30 million merchants in 41 countries and regions. It was first launched in 2017, in compliance with the EMV specifications to offer higher security and interoperability.
In the same year, UnionPay launched the UnionPay app, a one-stop mobile payment app featuring the UnionPay QR code payment function, and a platform for savvy merchants to reach more customers by offering special shopping discounts and offers to UnionPay cardholders.
Furthermore, retailers in Australia and New Zealand will be enabled through the offering to provide easy 'scan&go' payments for the safety of their staff and customers. Users of the UnionPay App as well as hundreds of UnionPay-powered e-wallet products around the world will be able to pay quickly and easily within merchants accepting UnionPay QR codes. Other features available in the UnionPay app in Australia include a location-based service where automated push messaging will make it easier for merchants to stand out, while merchants are also searchable based on category, location, promotion, or offers.
Overall, UnionPay anticipates the adoption of the system by other merchants will increase rapidly as the company works with them to integrate the technology into their businesses. They are also keen to hear from retailers interested in offering a special discount or incentive to UnionPay cardholders within the UnionPay app, Yahoo Finance stated.
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