On August 27, “2019 The Summit Forum on CRS in China” was successfully held in Beijing. The party held the 13th "CSR Competitiveness - China's Corporate Social Responsibility" selection link. Among them, VBill won the annual Social Responsibility Outstanding Enterprise Award.
According to recent data released by China Banking Association, a cumulative total of 7.83 billion bank cards had been issued in China as of the end of 2018, with a transaction value of RMB789.6 trillion. China's bank card industry has maintained a robust growth momentum.
The number of mobile payment users in China is expected to top 700 million to hit 733 million in 2019. In an environment of maturing technology and intensifying product promotions by leading platforms, mobile payment products have been penetrating deeper among netizens.
Mobile payment products already have a high degree of penetration in Tier 1 and Tier 2 cities, with the market potential of Tier 3 and Tier 4 cities still to be tapped into. Competition among mobile payment enterprises in these markets will also be the focus of future attention.
According to 2019Q1 China Mobile Payment Market Research Report, mobile payment companies will focus more on scenario competition in the future. As online and offline integration continues to deepen, there are growing payment product penetration and layout for offline scenarios.
In the future, VBill will undertake more solid work, vigorously promote mobile payment services for the convenience and benefit of users, spare no effort to expand convenient payment scenarios, improve the acceptance environment, and create a new atmosphere for convenient payment
Recently, VBill Payment Co., Ltd. Anhui Branch won the "Outstanding Organization of the 2018 Anhui Mobile Payment Facilitation Demonstration Project" Award from the Hefei Central Branch of the People's Bank of China.
UnionPay International announced that “Cloud Flash Pay”, its scan and pay service, has landed in Japan for the first time. The first group of scenarios open to the service includes several local international airports, landmark department stores and well-known duty-free shops.
VBill has leveraged its powerful channel outreach capacity to fast connect with third- and fourth-tier cities, reach counties and remote areas across the country and gain point-to-point targeted understanding of small and micro merchants’ payment and operational needs.
Meanwhile, the number of bank cards issued and the size of transactions processed both expanded further. China UnionPay issued a cumulative total of 7.59 billion cards worldwide in 2018.
According to the China Bank Card Industry Development Report (2019) issued by China UnionPay, the amount of transactions transferred through the China UnionPay network continued to be the largest in the world.
Unlike in the past when the payment industry was only engaged in receiving, transferring and clearing payments, it will penetrate deeper into businesses and consumers and provide them with more related products along the industrial chain, service chain and financial chain.
According to statistics of the Payment and Clearing Association of China, since 2018, facial recognition has found wide applications including phone unlocking, ID verification and payment and has become a major trend.
With payment methods having evolved from cash payment to card payment to QR code payment, face-scan payment has become a new and increasingly used way to make everyday payments. As the technology matures, 2019 could become Year One of face-scan payment.
QuickPass payment has gradually become one of the main mobile payment methods in China. According to the new policy, UnionPay app users who suffer losses from mobile payment fraud through the use of the app will be indemnified within a maximum of two working days after review.
In 2018, VBill proactively worked with UnionPay in ending the direct connection between banks and payment companies and attained prominent achievements in such aspects as acceptance environment, mobile payment availability and promotion of the UnionPay app.
Recently, VBill won the “2018 Outstanding Partner” award presented by China UnionPay in recognition of its effective collaboration with UnionPay last year.
In 2019, mobile payment has covered all scenarios of everyday payments. In transport, a key usage scenario, mobile payment has helped increase transport service efficiency, protect fund security and improve passenger experience.
