New app for mobile payments

Under the guidance of China's central bank, China UnionPay has launched a mobile payment application jointly with more than 30 commercial banks, in an effort to enhance competition with mobile payment giants such as Alipay and Tenpay.

With a unified mobile payment gateway, Cloud Quick Pass, a mobile payment app led by the national bankcard association China UnionPay, will become the third-largest Chinese mobile payment platform, following the two major third-party payment service providers.

"It's a product innovation made by UnionPay to tackle intensified competition with Alipay and Tenpay," said Zhao Yao, a contract research fellow of the Institute of Finance and Banking at the Chinese Academy of Social Sciences.