“China UnionPay is dedicated to promoting payment innovations and providing secure, convenient mobile payment experiences for its hundreds of millions of cardholders, aligning multiple parties in the industry,” said Chai Hongfeng, executive vice president of China UnionPay. “We’re very excited to offer Apple Pay among a diverse set of innovative payment options that work with China UnionPay QuickPass.”
“Apple Pay has revolutionized the way millions of people pay every day with their iPhone, Apple Watch and iPad,” said Eddy Cue, Apple’s senior vice president of Internet Software and Services. “China is an extremely important market for Apple and with China UnionPay and support from 15 of China’s leading banks, users will soon have a convenient, private and secure payment experience.”
How It Works:
China UnionPay’s QuickPass and Apple Pay together will protect customer payment information through industry-leading payment tokenization technology. Security is at the core of Apple Pay, so when you add a credit or debit card, the actual card numbers are not stored on the device, nor on Apple servers. Instead, a unique Device Account Number is assigned, encrypted and securely stored in a dedicated chip called the Secure Element on your device. Each transaction is also authorized with a one-time unique dynamic security code.
Paying is simple with the touch of a finger and can happen in one motion. In stores, there’s no need to open an app or wake your display. With the innovative NFC antenna design, simply hold iPhone near China UnionPay’s QuickPass-enabled POS terminals with your finger on Touch ID to pay. With Apple Watch, just double click the side button and hold the watch face up to the contactless reader to make a purchase right from your wrist. Shopping within apps accepting Apple Pay has never been easier and there’s no need to manually fill out lengthy account forms or repeatedly type in shipping and billing information.
Availability:
Apple Pay will roll out to China UnionPay cardholders as soon as early 2016 after relevant tests and certification required by Chinese regulators, with the service itself in compliance with the applicable national mobile payment and financial industry standards in China.
From iclarified