China UnionPay Plans to Launch Android Payment App in 2015
China’s only bank is working on a new app for Android phones that will allow mobile payment processing on these devices. The China UnionPay app, known as Android Pay, is scheduled to be introduced in the third quarter of 2015, and some say it is an attempt to compete with Alipay.
Created by the Alibaba Group, Alipay is one of the leading mobile payment providers in China, and the central bank now has its eyes on the profits of that company.
Android Pay will utilize fingerprint scanners and Near Field Communications, both essential elements of Apple Pay.
UnionPay has been talking to two of China’s largest handset makers, Lenovo and CoolPad, both of which run off the Android platform. CoolPad’s vice president Cao Jingsheng made a statement that one of their high-end smartphones would support an app sometime next year.
Android Pay is still in its developmental stage, but it could be a game changer in the Chinese credit card market. Earlier this year, China announced that foreign credit card companies, like Visa and American Express, may soon be allowed to issue credit cards in the country.