China UnionPay launched an electronic bankcard substitute product jointly with over 20 commercial banks on Saturday, marking the bankcard association has stepped into an age of safe and convenient mobile payment.
According to UnionPay, users just need a mobile phone with near field communication (NFC) function and create an electronic substitute for a bankcard in the UnionPay application, and then they will be able to make payment with mobile phone without the physical card in stores and online.
Currently, the Industrial and Commercial Bank of China, the Agricultural Bank of China and more than 20 other commercial banks have joined in. Cardholders are able to consume in 25 store chains with mobile phones including Carrefour and McDonald's, with more banks and companies expected to join in the future.
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