Briefing: UnionPay’s mobile payment service reaches 100 million users

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中国银联宣布云闪付用户突破1亿:推双12半价活动 – iFeng

What happened: UnionPay announced that its mobile payment app Cloud Quick Pass (云闪付) just exceeded 100 million users. Separately, UnionPay announced the upcoming Double 12 sales campaign, a 10-day shopping event that runs from December 12 to 23.

Why it’s important: Cloud Quick Pass, launched in late 2015, was Union Pay’s first foray into mobile payment. However, at the time, China’s mobile payment industry was already dominated by WeChat Pay and Alipay. The payment feature now supports contactless, QR code and remote payment services. It recently started providing cross-border mobile payment service in Hong Kong and Macau where it aims to ramp up its competition with rivals Alipay and WeChat Pay.