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In 2015, the UnionPay overtook Visa and Mastercard in total value of payments made by customers and became the largest card payment processing organization (debit and credit cards combined) in the world surpassing the two. However, only 0.5% of this payment volume was outside of China.
' Cloud QuickPass ') is a mobile and online payment service, developed and operated by UnionPay, the national Chinese bank card clearing service. Launched in 2017, [ 1 ] it was designed to compete with the existing third-party Chinese mobile payment platforms, Alibaba Group 's Alipay and Tencent 's WeChat Pay .
China Unicom (then known as Chinese: 中国联合通信有限公司; pinyin: Zhōngguó liánhé tōngxìn yǒuxiàn gōngsī) was founded as a state-owned enterprise in 1994 [4] by the Ministry of Railways, the Ministry of Electronics and the Ministry of Electric Power Industry; [5] the establishment was approved by the State Council in December 1993.
[1]: 130 In most parts of the developed world, credit cards have been popular since the second half of 20th century but were not widespread in China. [ 1 ] : 130 China's wide adoption of mobile payments without significant credit card usage is an example of leapfrogging development.
Alipay is conceptually similar to Apple Pay, WeChat Pay and PayPal because it overlays traditional card payment methods. Although users receive immediate notification of the transaction, the main difference among Alipay and an instant payment system, like Venmo or Zelle is that the funds transfer between counterparties is not immediate. [ 78 ]
The telecommunications industry in China [note 1] is dominated by three state-run businesses: China Telecom, China Unicom and China Mobile.The three companies were formed by restructuring launched in May 2008, directed by the Ministry of Information Industry (MII), National Development and Reform Commission (NDRC) and the Minister of Finance.
The Shanghai Public Transportation Card (SPTC) (Chinese: 上海公共交通卡; pinyin: Shànghǎi gōnggòng jiāotōng kǎ also known as 交通一卡通; Jiāotōng Yìkǎtōng) is a contactless card, utilising RFID technology, which can be used to access many forms of public transport and related services in and around Shanghai.
WeChat Pay, officially referred to as Weixin Pay (Chinese: 微信支付; pinyin: Wēixìn Zhīfù) in China, is a mobile payment and digital wallet service by WeChat based in China that allows users to make mobile payments and online transactions. As of March 2016, WeChat Pay had over 300 million users. [1]