China-based payment processor UnionPay said its mobile service experienced rapid growth during 2017, including a 30 per cent year-on-year increase in the use of its app on public transport in China.
In a trading update, the company said CNY93.9 trillion ($14.9 trillion) had passed through its network during 2017, comprising transactions from debit cards, credit cards and mobile apps powered by its platform. The number represents a 29 per cent increase on its 2016 figure.
Although UnionPay did not break down the sum between payment types, it highlighted rapid growth in its mobile unit and a boost in its merchant footprint. Its Quickpass brand – which processes mobile payments – is now accepted in 1 million point of sale terminals across 18 countries.
The results follow a tie-up with handset manufacturer Huawei to expand the Huawei Pay wallet across several new markets. Russia was identified as the first country outside China to receive the service, followed by other “belt and road” nations – regions identified by China as priority trading routes for its companies.
UnionPay said it had a total network of 4 million merchants and 400,000 ATMs across 60 countries and regions along the belt and road routes at end-December 2017.