Mobile payment is the payment services operated under the financial regulation and the transactions are made through a mobile device (smartphone, tablet etc.) whenever the internet connection is available. The creation of mobile payment benefits the consumers and the merchants.
Consumers are encouraged to utilize the mobile payment service available as it offers convenience and security. As long as the mobile device is connected to any Internet services available, the mobile payment service can be use at anytime and anywhere. When mobile payment service is utilized, there is no need for the consumers to bring cash in the bulky physical wallets and credit card details are not recorded in the mobile device. Hence, mobile payment service offers convenience and security to the consumers.
Merchants are encouraged to adapt the mobile payment service into their respective businesses, as it offers lower operation costs and higher engagement with the customers. Lower operation costs can be achieved through adapting mobile payment service into business, as the transaction process is much easier compare to credit card transaction whereby additional transaction charges apply. It is important that business follows consumers’ preference way of transaction to create a better engagement with them for returning customers. Thus, mobile payment service offers low operation costs and high engagement with customers to the merchants.
YunShanPay is a mobile payment service under Union Pay. It was officially announced on 11th December 2017. YunShanPay consists of three main functions, which are payment services, exclusive promotions and card management.
Alipay is a mobile payment platform founded by Alibaba Group. Alipay was established in February 2004 in Hangzhou, China. Alipay overtook PayPal as the world’s largest mobile payment platform in 2013. The number of Alipay users still growing until today.
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Express Payment is a brand-new payment method co-founded by Alipay and major banks. The users do not need to log in to online banking. They only need to fill in the card details and personal details into the payment system directly. Express payment will follow the security rules to complete the transaction or payment by verifying the mobile phone reserved by the bank, which is a much convenient, fast and secure payment method. If the user chooses to save the card information, payment can be completed by simply filling in the payment password of the third party payment or the payment password along with the mobile phone dynamic password.
- Secure: 3 main security system designed for relieved shopping.
- Convenient: 3-step online payment process for easy shopping.
- Guarantee: 72 hours to complete payment for assured shopping.