Apple, UnionPay Tie Up
Economy, Sci & Tech

Apple, UnionPay Tie Up

Apple and China's UnionPay have announced a partnership to bring Apple Pay to China.
China's UnionPay cardholders will be able to easily add their bank cards to Apple Pay on iPhone, Apple Watch and iPad, giving apple a market of over 1 billion people.
“China UnionPay is dedicated to promoting payment innovations and providing secure, convenient mobile payment experiences for its hundreds of millions of cardholders, aligning multiple parties in the industry,” said Chai Hongfeng, executive vice president of China UnionPay.
“We’re very excited to offer Apple Pay among a diverse set of innovative payment options that work with China UnionPayQuickPass,” according to GSM Arena. The Cupertino-based company also revealed that the service will start rolling out in China "as soon as early 2016," following the required tests and certification by Chinese regulators. A specific date, however, was not revealed. China UnionPay’sQuickPass and Apple Pay together will protect customer payment information through industry-leading payment tokenization technology.
Users can use the software using a unique Device Account Number assigned, encrypted and securely stored in a dedicated chip called the Secure Element on the devices. Each transaction is also authorized with a one-time unique dynamic security code.  Iran currently, due to sanctions placed on its banking system, does not offer Union Pay nor has access to international banking system. When sanctions are removed by the end February, systems like this could be in place by the end of 2016, given the rate of digital banking services in Iran.


Short URL : http://goo.gl/Ce2QJi
  1. http://goo.gl/ZZYqwd
  • http://goo.gl/OJGmc4
  • http://goo.gl/Mhbeag
  • http://goo.gl/FqehsP
  • http://goo.gl/8KY4MD

You can also read ...

US Sanctions on Iran Affect Trade With UAE
The latest US sanctions against Iran are forcing many Iranian...
New Government Policies Reduce Forex Demand
The implementation of new foreign exchange policies by the...
Failure to Safeguard Iran Deal Will Show EU Still a Paper Tiger
Just a few weeks ago, it seemed that the Iran nuclear deal...
Iraq to Respect Dollar Ban But Not All US Sanctions on Iran
Iraqi Prime Minister Haider al-Abadi stepped back from his...
Indian Tea Exporters Seeking Special Exchange Rate From Iran
The Indian tea industry has sought a special exchange rate...
Gold Coin Gains
The benchmark Bahar Azadi gold coin gained on Tuesday, as both...
Nvidia Rolls Out New Chip Technology for Filmmakers
Nvidia Corp on Monday released a new generation of chips aimed...
Google Tracks Your Movements, Like It or Not
Google wants to know where you go so badly that it records...