Authentication & Security

Insights from Mobile World Congress China, With Tweets

MEDICI

Overall, the China Market is very optimistic about NFC technology. Liu Fengjun, Vice President of China UnionPay, believes that the future of mobile payments rests on the scalability of NFC and tokenization. UnionPay China will continue to invest in NFC collaborating with China's three major telecom operators.

Identification technology is also a hot topic in the mobile payments ecosystem. Jason Lu, VP of Alipay, introduced the audience to various biometric identification technology. In addition to fingerprinting, facial recognition has increasingly become another viable option. With the cooperation of government and partners, Alipay is chartering the future of facial payments. He also said:

As the mobile payments war wages on, members of the ecosystem are starting to recognize and embrace their core competency. According to Jean-Paul Cottet, SEVP, Orange continues to herald consumer trust by working on what Orange does best. Its Mobile Connect product uses SIM card with a PIN code to connect all financial apps. Orange not only collaborates with financial institutions but also works with other telcos to set verification standards.

China Mobile Payment's CEO Fan Jinqiao shared their blueprints on mobile payment after a decade's work in this area. China Mobile Payment now has 100 million registered users and partners with 50+ banks and 100,000 merchants. As a driving force in China market, China Mobile heavily invested in NFC and launched an NFC-enabled eWallet.

The highly anticipated Samsung Pay will be unveiled in late 2015. Samsung's VP Thomas Ko maintains that Samsung Pay is technology agnostic as its goal is not to bet on certain technologies but to rather deliver the best and happiest experience to its customers. Whether NFC or its newly acquired MST or tokenization, they are just means to an end to deliver a simple and secure payment experience online as well as offline.

As the recently launched Alipay 9.0 integrates social engagement, the most popular social platform in China, WeChat, has long entered mobile payments with Tenpay. According to Hu Qilin, VP at Tenpay, programs like "Red Envelops" (which launched on Chinese new year’s eve 2013 at many participating merchants) have boosted Tenpay's membership and engagement, and proved to be uniquely successful in the Chinese market. Social platform and payments services seem to inevitably converge to complement each other. For more tweets visit the LTP twitter channel.

MEDICI Team

MEDICI

MEDICI Team is a group of content writers, bloggers, journalists, researchers, and editors from the MEDICI team who collaborate to create FinTech insights.

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