NFC TIMES Exclusive Insight – China’s dominant bank card network, UnionPay, which is badly losing its battle for mobile payments market share among Chinese consumers to rivals Ant Financial and Tencent Holdings–both at home and abroad–is taking steps to try to gain some ground.
The latest measures are aimed at overseas markets, where Ant Financial and Tencent have been busily expanding acceptance for their respective wallets, Alipay and WeChat Pay.
State-controlled UnionPay this month has made two announcements of deals or developments to promote mobile payments overseas with UnionPay-branded bank cards. UnionPay appears to be emphasizing QR code-based mobile payments in the initiatives, a technology that both Ant Financial and Tencent use for their wallets, but UnionPay also continues to support NFC. Chinese consumers make around 80 million trips abroad annually, according to UnionPay.