Recently, IB, in collaborating with China Unicom, launched NFC “Mobile Wallet” to bring more option to consumers regarding mobile payment.
It is said that IB Mobile Wallet can be used with any POS with UnionPay's Quick Pass logo. Consumers just have to swipe their cellphone with Mobile Wallet function near “Quick Pass” reaction area. Besides Quick Pass, the “Mobile Wallet” also incorporates a series of services, including topping up, details inquiry, ATM withdrawal and bank cards management, making cellphone a smart service platform for communication and getting on the internet, pay for consumption and cards management.
For security of public concern, IB “Mobile Wallet” has multiple security mechanism: First, it uses SIM card that supports SWP protocol, a high security smart chip card; Second, “Mobile Wallet” client adopts real-name number binding, password control and other methods to ensure the access security of communication; third, it requires reading SIM card information in transactions, which is recognized by the industry as one of the safest payment methods.
It is very easy to apply for IB’s “Mobile Wallet” service. Just bring a cellphone and a China Unicom SIM card both with NFC functionality. For IB card holders, they can download mobile debit card or credit card to the SIM card in their cell phone via IB Mobile Bank client; for customers without IB card, they can go to IB's counter and apply for it.
To experience the joy of Mobile Wallet, the reporter went to a IB outlet with his ID card and applied for a mobile debit card. It is a virtual card, not a real one. The reporter then downloaded the debit card to the SIM card by logging on IB Mobile Bank and topped up the electronic cash account. After successful topping up, the reporter went shopping at a “FamilyMart” store with his cellphone. To pay for the goods, just placing the cellphone close to a POS machine with “Quick Pass” logo, and with a "beep", the payment is completed without change or signature, and the sales slip clearly shows amount of consumption and balance in your electronic cash account. It’s really convenient. After that, the reporter also handled transfer and withdrawal business at bank counter with his cellphone, and inquired and withdrew money at ATM machine with NFC reaction area, all with successful experiences.
To promote Mobile Wallet business, IB also launched an activity named Buy Cell Phone With 0 Yuan in some regions with China Unicom. By applying for IB mobile credit card and debit card, a customer may enjoy favorable conditions such as buying cell phone with 0 yuan, installment and receiving NFC cellphone in advance.
It can be predicted that with the fast pace of life and increasing number of shops installing POS machine with UnionPay’s “Quick Pass” logo, Mobile Wallet that combines convenience and security will be the mainstream payment method in the future.