According to the Statistical Report on the Development of China's Internet Network, by the end of 2021, the number of mainland Netizens will reach 1.032 billion. With the further improvement of the Internet penetration rate in mainland China, mobile payment has maintained a steady growth trend, and in 2020, the number and amount of mobile payment transactions increased by 21.48% and 24.5% respectively.
Payment is the need of people's livelihood and the foundation of finance. In order to meet the growing demand for efficient, convenient and secure mobile payment services and to provide more smooth funding channels for economic and social development, China UnionPay has launched various mobile payment tools, including cloud flash payment APP.
Layout of the development path of the full-featured mobile Internet
In fact, China UnionPay's mobile payment exploration began in 2003. At that time, the newly established China UnionPay piloted payment services based on mobile phone SMS sending and receiving and voice interaction functions in some southern cities. Through this service, users can initially pay cable TV, water, electricity and coal and other living bills without leaving home. This year has also become the first year of the development of UnionPay mobile payment.
In 2006, Internet technology was further developed. Based on WAP2.0, mobile phone certificates, security controls and other technologies, China UnionPay launched the online payment platform UPOP and the mobile payment platform UPMP, jointly providing users with mobile Internet payment services, that is, supporting users to complete payment by entering card numbers and SMS verification codes in the mobile phone page. This feature has been optimized several times and is still in use today.
In 2010, the era of mobile Internet surged forward, profoundly affecting all industries in society, including payment. China UnionPay led the development of UnionPay mobile payment, UnionPay companionship, UnionPay wallet three major mobile payment APP, and in 2014 integrated into the UnionPay wallet APP. The UnionPay wallet APP has also laid a prototype and foundation for the subsequent cloud flash payment APP.
After years of accumulation, on December 11, 2017, under the guidance of Chinese Minsheng Bank, China UnionPay, together with commercial banks, payment institutions and other industrial parties, jointly released the banking industry unified APP "Cloud FlashPay", which integrates bank card financial service resources in accordance with the principles of unified interface standards, unified user identification and unified user experience, and provides more competitive and differentiated payment new services.
The Cloud FlashPay APP forms the core interbank account management capabilities
The initial version of the Cloud Flash Pay APP released in 2017 is a completely new starting point. Through big data, artificial intelligence and other technologies, it integrates the payment service tools originally scattered in various institutions and becomes a unified entrance for mobile payment in the banking industry, providing various payment functions such as II. and III. account opening, mobile NFC payment, two-dimensional code main scan, collection transfer, remote payment and so on.
After more than 4 years of development, the Cloud FlashPay APP has iterated to the latest 9.0 version, continuously improving the inter-bank bank card account management capabilities, and forming a unique core advantage. At present, the cloud flash payment APP has supported one-click query of debit card balances of 757 banks, supports credit card repayment and bill inquiries of more than 160 banks, and has zero handling fees for transfer and credit card repayment. Based on the core functions of "checking, transferring and returning", the Cloud FlashPay APP also provides users with more than 1,100 credit card products from 68 banks to apply for card services, with a total of more than 600,000 cards issued. Up to now, the cumulative number of registered users of the cloud flash payment APP has reached 460 million.
In addition, the Cloud FlashPay APP has also successively launched innovative functions such as personal credit report inquiry, health code itinerary card "two codes in one" and "one-click check card" to meet the daily life needs of consumers who are constantly evolving. Taking "one-click card check" as an example, the user selects the scope of commercial banks to be queried online, and after passing the identity authentication, he can submit the status of the bank card under the name of the selected bank. This function is an effective measure for China UnionPay to facilitate the management of its own bank cards by the public and help combat telecommunications network fraud and cross-border gambling.
It is worth mentioning that China UnionPay also actively responds to the relevant requirements of ageing transformation, and comprehensively upgrades and launches the "Care Edition" of the cloud flash payment APP through in-depth investigation of the needs of elderly users, visually impaired users and other groups for mobile payment applications. With "ageing" service functions such as "Care Edition", the Cloud Flash Pay APP became one of the first app to pass the "Internet Application Ageing and Barrier-free Transformation Special Action" evaluation by the Ministry of Industry and Information Technology.
Platform-based transformation helps the wave of digital development
Since its release, the Cloud FlashPay APP has proposed to uphold the concept of "openness, cooperation and service" and adhere to the creation of an open platform to provide public services. Based on commercial banking services and empowering merchant operations, over the years, the cloud flash payment APP has formed a set of platform operation and transformation experience, and continues to help the digital development of the payment industry.
Enrich the content of scene services, and share digital business capabilities with merchants. Cloud FlashPay APP has widely penetrated into the daily production and life scenarios of consumers such as public transportation, convenient payment, catering merchants, universities, etc., linking merchants and consumers with payment services and transmitting market information. Through the cloud flash pay mini program open platform, the cloud flash pay APP has realized the full self-service of the mini program to settle in, go online and operate, providing merchants with payment, marketing, capital, security, foundation, membership, resources and other 7 categories of merchants to operate the underlying capabilities, the number of cloud flash pay APP mini programs has exceeded 2,000; the launch of cross-agency marketing fund clearing services and one-stop activity operation service platform for industry-wide services, supporting the issuance of consumption coupons by more than 240 prefecture-level municipal governments. It has helped more than 200 banks to carry out user and card issuance business activities, and has become an important support for the government, banks and merchants to help businesses benefit the people, boost the economy and customer operations.
Accelerate the construction of a cloud flash payment network payment platform and enhance the development capacity of mobile payment in the banking industry. On December 17, 2021, China UnionPay and China Minsheng Bank signed a comprehensive strategic cooperation and a strategic cooperation agreement on cloud flash payment business, which will create a unified payment experience on the bank side based on the cloud flash payment network payment platform, and open up a new attempt to build a new pattern of mobile payment market. The cooperation between the two sides is an exploration to continuously improve the development capabilities of mobile payment in the banking industry, and an active attempt to deepen the mobile payment convenience service. This is not only conducive to China UnionPay to accelerate the platform transformation and upgrading, inject new impetus into the development of cloud flash payment, but also conducive to multi-dimensional empowerment of the digital transformation and intelligent construction of Minsheng Bank, more importantly, the cooperation between the two sides has opened up new development space for mobile payment in the banking industry, and is also of positive significance to promoting the high-quality development of the payment industry.
Today, when the new development pattern of double circulation leads to the continuous upgrading of consumer demand, China UnionPay will adhere to the concept of "payment for the people" and continuously improve the ability of financial services to the real economy and financial empowerment to benefit people's livelihood through payment innovation. UnionPay will continue to promote the Cloud Flash Pay APP to consolidate the core advantages and functions, continue to improve the bank account information management service application and Mini Program and other product functions of UnionPay, build the Cloud Flash Pay APP into an important mobile application entrance in the financial field, fully carry out user research, continuously launch applications and services urgently needed by various market players, and do a thorough job of various mobile payment convenience scenarios; at the same time, accelerate the exploration of new business models, and precipitate the common capabilities and resources in the application module to the cloud flash payment network payment platform and bank APP The output of partners such as industry APP fully stimulates the market vitality of the supply side of the platform. Text/Yue Shipeng
Daily economic news
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