News

China UnionPay buys stake in Hong Kong ATM network

Later this year, the parties plan to introduce a mobile payment service for UnionPay customers in China, Hong Kong and Macau, a report says.

June 16, 2015

China's sole bankcard provider, UnionPay, has purchased an interest in Hong Kong-based Joint Electronic Teller Services, according to a reportfrom The Standard, a Chinese business publication.

The China UnionPay stake in Jetco amounts to 3 percent; but the amount of the investment has not been disclosed. According to the report, the companies plan to initiate cross-border funds withdrawals next year.

Later this year, UnionPay and Jetco plan to launch a mobile payment service. "QuickPass" will allow Hong Kong UnionPay credit cardholders to store their card data on the SIM card of an NFC-enabled mobile device.

Consumers will be able to use the mobile payment feature for transactions of up to $65 at QuickPass-accepting merchants in China, Hong, Kong, and Macau, the report said.