China's national bankcard association UnionPay, has launched its own app and set security standards for QR code payments.
The move brings UnionPay into line with Alipay and WeChat Pay in the internet-based mobile payments sector.
UnionPay says it will adopt unified technical solutions to achieve inter-connectivity between different financial institutions and to ensure consistency in user experience.
Currently, commercial banks have their own two-dimensional barcode payment apps, and UnionPay hopes to promote the use of barcodes across different banks.
UnionPay says it will also apply token technology to protect sensitive account information from leaking, and to ensure payment security.
For more on this, CRI's Paul James spoke earlier with John Ross, senior fellow of Chongyang Institute for Financial Studies, Renmin University.
