UnionPay International (UPI) has unveiled a new content and service platform (UCSP), establishing a “Pay+” digital ecosystem in partnership with global financial institutions and industry service providers.
The platform offers services to enhance the user experience for digital wallets developed or upgraded to UnionPay standards; allowing institutions outside of mainland China to provide instant payment for utilities, transport, lifestyle and entertainment.
It comes as the outbreak of COVID-19 has highlighted the elevated essential importance of digital payment services to the payments ecosystem.
Issuing an update, the firm stated: “The UPI Content & Service Platform aims to offer a comprehensive range of technical resources for the evolving mobile payment and lifestyle landscape outside mainland China.
“Making available more value-added services, the platform will serve as an essential tool for digital wallets to maintain their competitive advantages and industry service providers can enlarge their distribution channels to increase user traffic. Meanwhile, global users can access multiple services seamlessly through one single mobile application.
“To date, services provided by hundreds of merchants and service providers in public utilities, taxi-hailing, flight and hotel booking are accessible globally via the platform. Once linked, these services will be available in up to two weeks.
“With the innovative collaboration model in place, UPI has boosted efficiency for wallet developers, merchants and industry service providers. UPI selects partners from industry subdivisions to establish a “service pool”, which digital wallet developers can choose interested merchants to link to the system through an integrated application programming interface (API), streamlining the process while significantly reducing technical requirements.”
In Hong Kong, the ‘UnionPay’ app is the first mobile app to launch nine online payment services for public utilities and lifestyle services via UCSP, facilitating the quick adoption of local social distancing and public health measures in response to COVID-19.
To strengthen this, UPI has expedited the launch of its Content & Service Platform to provide a fast, convenient and secure cashless payment solution for 62 digital wallets developed or upgraded to UnionPay standards in 13 countries and territories.
