Users will be able to make payments via Yunshanfu on their mobile phones. Yunshanfu is based on host card emulation (HCE) and token technology. Users need a smartphone with Android near field communication (NFC) technology (running Android 4.4.2 operating system or newer), which allows them to use the mobile app to generate a duplicate or virtual UnionPay card, the Yunshanfu card. Users can make offline payments via point of sale (POS) systems that support UnionPays Shanfu identification technology as well as secure online payments at online merchants.
Yunshanfu has several security measures, including a dynamic security key and cloud authentication. When making payments, it does not display the actual card number, protecting the cardholders privacy and sensitive payment information. There are over 20 banks in the first round of adopters of the technology, including The Industrial and Commercial Bank of China (ICBC), Agricultural Bank of China, Bank of China, China Construction Bank, China Communications Bank, and China Merchants Bank.
Additionally, 25 merchants have already begun taking part in UnionPays exclusive promotion, including French retailer Carrefour, global fast food chain McDonalds, and drug store chain Watsons.
Yunshanfu is currently available only on Android, but an iOS version is scheduled to be released during the first quarter of 2016, according to an inside source.
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