UnionPay has also acquired a 3% stake in the organization to seek strategic cooperation in the mobile payment and ecommerce sector in the Greater China region. The amount of the investment remains undisclosed.
The companies are expected to launch Hong Kongs first QuickPass service in Q4. Hong Kong users could store their UnionPay credit card information in a specialized SIM card, and pay up to USD 64 per transaction for goods and services in QuickPass terminal-equipped shops either in Hong Kong, Macau or the mainland. A smartphone with near field communication function is needed. Mainland cardholders will also be able to use the service in Hong Kong later.
There are roughly 3,200 terminals in Hong Kong and Macau, and the number is expected to increase to 10,000 by the end 2015. Another five million machines are installed in the mainland.
Similar services are available for Visa or Mastercard cardholders of several banks in Hong Kong, which use a SIM card or app to make payments.
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