UnionPay QR code payment conquers the Asian and overseas market

 

UnionPay was announced as the largest card network in the world a few years ago. In 2021. The number of UnionPay cards had reached 9 billion, covering 179 countries. Facing people’s demands for more convenient payment methods such as mobile payment, UnionPay launched its mobile payment App, called Cloud QuickPass or UnionPay, where customers and merchants can use QR codes to pay via UnionPay. 

Thanks to its strong card networks and early overseas development, QuickPass has grown to the third largest mobile payment platform in China and overseas. 

In the first quarter of 2022, the scale of the third-party mobile payment market reached 55.4 trillion CNY, a year-on-year growth rate of 24.7%, which shows that more and more people are abandoning cash to use mobile payment. Among the total number of 800 million users of mobile payment, there are over 650 million of UnionPay QR code users.

In this article, we will explain everything about UnionPay QR codes and how to start accepting them in your store. 

What is UnionPay QR code payment？

In 2016, UnionPay QR code payment was launched. Later on in 2017, when China's third-party payment market was occupied by Alipay and WeChat; the two major e-wallets; UnionPay partnered with all major commercial banks such as BOC, ABC, and ICBC, in mainland China. As a result, UnionPay QR code payment gained in popularity very fast and became an important payment method in the country. 

With the help of Cloud QuickPass, users can pay by simply scanning the QR code or tapping the phone to pay, the procedure of which takes clients and stores only 1-3 seconds, helping to reduce the checkout time.

The UnionPay QR code payment service is integrated in the Cloud QuickPass App, which was popular across the country for a while. In 2018, the number of App users officially exceeded 100 million.

With the guidance of the People's Bank of China and cooperation from all of China’s commercial banks, Cloud QuickPass has gained strong national policy support. The App supports various services, including financial services and other everyday life services, such as buying bus tickets and paying phone bills.

Cloud QuickPass is the first platform that also supports Alipay and WeChat Payment QR codes. Accepting UnionPay QR code means stores have access to another 1,2 billion users of the two major e-wallets in China (Alipay and WeChat Pay). 

What does UnionPay QR code offer?

With UnionPay QR code, the remarkable function of Cloud QuickPass, consumers have plenty of services within reach.

  • Users can connect all bank cards to the QuickPass App.

  • Users have the access to consulate bill inquiries, credit card repayment for free.

  • Users can check their deposit amount and top-up for free, while in WeChat Pay and Alipay, this service fee is charged.

  • Users can attach and manage various bank accounts through the QuickPass App. They can also use the mobile payment services of each bank, including QR code payment, cardless payment, transfer, boarding codes, which are like e-tickets used to get on buses, trains… without paying in advance. 

UnionPay QR code is highly secure: 

Besides convenience and its wide acceptance, Cloud QuickPass has more security than any other payment method. UnionPay QR codes use advanced technologies such as dynamic keys, cloud authentication to protect your personal information and transaction security from fraud. 

The process of payment is not based on the Internet. Firstly, this helps to avoid information disclosure and malicious intrusion. Secondly, UnionPay QR code applies a new technology: the virtual card storage-based technology which ensures information security and protects users’ accounts from being charged without authorisation. 

What’s more, the dynamic encryption of key data will further protect clients and merchants’ data security.

Scan UnionPay QR code and enjoy huge promotions

In June 2017, UnionPay, in collaboration with nearly 100 000 stores, started a promotive campaign to popularize its QR code payment and launched the "62 UnionPay QR code Payment Festival” with a slogan “UnionPay QR codes for all people”, which gave UnionPay the image of a generous brand among a huge number of consumers. This was also the beginning of the “62 Festival”. 

Quickly, “62 Festival” became a nationwide shopping festival, just like the “Double 11” and the “Double 12”, attracting millions of merchants to join and creating billions of CNY in revenue. Today, this festival is still growing at a speed of over 100% year on year.

After 5 consecutive rounds of activities amounting to hundreds of millions of CNY, UnionPay QR codes have attracted tens of millions of users.

By the end of 2018, it exceeded 100 million, and the number of active users reached 10 million. In this year’s upcoming Double 11 festival which is a few days ahead, UnionPay will continue its promotions for QuickPass users.

All this means, wherever and whenever you are, what you need to do is just scanning UnionPay QR code or letting the merchant scan yours via Cloud QuickPass or banks’ APPs, and then you can enjoy the convenience of mobile payment and have a lot of opportunities to win credits or promotions.

In which countries the UnionPay QR code is present?

Cloud QuickPass is growing rapidly in China and overseas markets.

The number of UnionPay users has exceeded 600 million. Cloud QuickPass supports online applications of more than 200 banks. 

In addition, while taking public transportation, medical services and social insurance services, UnionPay QR codes can always be seen to be used by countless people, for its reputation, for security, for promotions and convenience.

Currently in China, UnionPay QR codes are accepted in metros of 47 major cities, all buses in over 1 500 prefectures and counties, 14 000 farmers’ markets and kiosks, more than 550 000 merchants, nearly 200 000 convenience stores, more than 300 000 self-service terminals, more than 1 600 universities and colleges, more than 2000 hospitals, and more than 3 000 companies’ canteens, covering every corner of China.

Globally, due to UnionPay’s early development, there are nearly 200 countries in which UnionPay payment services are provided. UnionPay QR code is also developing at a fast speed. There have been over 50 countries and areas, including France, Germany, Japan where consumers can scan UnionPay QR codes to pay directly and get a tax rebate in a second. UnionPay QR code and its APP Cloud QuickPass have won more and more trust from Chinese consumers and are becoming more and more consumers’ first payment choice.

How to get the UnionPay QR code?

Silkpay is an expert in the UnionPay payment method. We are also the pioneers of UnionPay in Europe.

To open a UnionPay account with Silkpay, you will be asked to present the list of documents below:

  • KBIS of the company

  • Articles of association

  • Recto/Verso identity document in the color of the manager and the partners having more than 10% of the shares of the company.

  • Company bank details.

We collect your bank information because it is necessary to send you the payments received from your customers. All your collected bank account information is encrypted and highly secure to protect your data.

Do not hesitate to contact us if you are an association or a self-employed person or if you have any questions about the documents to be provided.

For more information, contact our experts.

Let your business benefit from UnionPay QR code:

Because of the excellent advantages of the Union Pay QR code and significant agglomeration effect on the banking industry, physical stores and ecommerce stores, the number of users will maintain rapid growth. 

Its core advantages are constantly improving, remaining competitive and irreplaceable, compared with its competitors.

There is no doubt that scanning UnionPay QR codes is becoming Chinese and foreign consumers' best and most reliable payment method, when making a new transaction. 

Choosing UnionPay, a safer, faster, and more trustworthy way of payment is a winning strategy. Accepting UnionPay QR code is winning a chance to enter a market with huge potential. Why not be an early bird? 

Silkpay is a payment solution provider and an expert of the UnionPay payment method. We are also pioneers of UnionPay in Europe. Contact our experts and get more information about accepting UnionPay in your store.


About the Author: Silkpay

Based in Paris, Silkpay provides omnichannel and secure payment solutions to help physical stores and e-commerce in Europe accept more than 30 of the world's most popular payment methods: Visa, Mastercard, CB, UnionPay, Alipay+, WeChat Pay as well as major Asia-Pacific e-wallets.



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