China UnionPay to Launch Android-Based Payments App in 2015

In a move to cater to the rapidly growing payments industry in Asia, China UnionPay has taken the initiative to develop its own service called “Android Pay.”

Several reliable sources from the local media have confirmed that the financial institution aims to make the new platform available to Android users in late 2015.

Wang Yanhui, secretary-general of the Mobile Phone China Alliance, mentioned that the card company will push through with its plans starting this week.

China UnionPay is in the process of collaborating with top mobile companies such as Lenovo and CoolPad. In a recent interview, Cao Jingsheng, vice president of Coolpad Group, told the press that both sides are excited about the future of Android Pay.

If all goes well, the card company would be able to offer its payments services to consumers with each new handset starting next year. China UnionPay also plans to market the app to its own customers directly in the coming months.

Apple expressed its concern over the company’s decision to develop an Android-based payments platform. China UnionPay has been working with Apple all year, due to the commercial launch of Apple Pay in March 2015. Both parties worked on the inception of Apply Pay standards for the Chinese market, while adhering to local security regulations. Because of this, many expect Android Pay to closely resemble Apple’s payments platform.

Analysts say Android Pay will directly rival Alibaba’s Alipay, which is currently the dominant mobile payments service in the area. China UnionPay’s solid reputation, and being the only credit and debit card company in the country may prove to be advantageous in spreading the app to local businesses and consumers.

Android Pay is expected to use NFC technology, similar to most payments platforms out in the global market today.