On August 31, UnionPay launched its digital bankcard together with commercial 
banks, major mobile phone manufacturers, and key merchants and payment 
institutions. The process of card application and collection is completely 
digitalized, providing cardholders with a new generation of payment experience.

The digital debit and credit card launched this time within and outside 
Mainland China feature four characteristics. Firstly, they digitalize 
traditional bankcards. Services are delivered digitally to satisfy multiple 
payment demands such as purchases, cash deposits and withdrawals, bank 
transfers, mobile QuickPass payments, and QR code payments. Secondly, card 
application and payments are made swift and easy. Users around the world can 
apply for cards, link them, and use them through various platforms, including 
the UnionPay App, bank apps, and e-wallets developed by mobile phone 
manufacturers. They can pay with mobile QuickPass or QR code by tapping on the 
screen to access the contactless card or the QR code. Thirdly, payments through 
digital bankcards are secured. Sensitive information, such as the card number 
and expiry date, is protected throughout the payment process by all-around 
technologies including tokenization and real-time risk monitoring. The funds 
and personal data are thus safeguarded. Fourthly, digital bankcards help 
connect different industries and use cases. With the Token 2.0 digital payment 
framework, users can push their digital cards to e-commerce retailers, public 
transit providers or e-wallets as they wish. The cards also come with exclusive 
benefits, contributing to an interconnected digital payment ecosystem.

Mr. Cai Jianbo, First Executive Vice President of China UnionPay, said that 
UnionPay, commercial banks and other industry players have been working 
together in rolling out innovative products such as QR code payments, mobile 
QuickPass and facial recognition-based payments to provide the public with 
quality and secure payment services. The new digital bankcard is a response to 
the market demand. Developed with the support of various parties within the 
industry, the product serves as UnionPay's latest attempt to drive the 
digitalization of payment services. 

To users, the innovative bankcard will bring a seamless payment experience they 
have never had. Card application can be completed online within a few steps on 
several platforms such as the UnionPay App, bank apps or e-wallets developed by 
mobile phone manufacturers. When the application is successful, the functions 
of wealth management, purchase, and payment will all be enabled to meet the 
demand in various use cases. Users can view and manage their digital bankcard 
on the UnionPay App on a real-time basis. Additionally, they can enjoy a wide 
range of exclusive benefits wherever they are in the world.

About UnionPay International

UnionPay International (UPI) is a subsidiary of China UnionPay focused on the 
growth and support of UnionPay's global business. In partnership with more than 
2,300 institutions worldwide, UnionPay International has enabled card 
acceptance in 179 countries and regions with issuance in 61 countries and 
regions. 

SOURCE:  UnionPay International