TouchPay--A New Payment Method in China
TouchPay--A New Payment Method in China
If you want to start doing business in China, you must know WeChat and Alipay, the most important payment methods, but do you hear TouchPay now? In 2020, an important and notable change in the payment industry is TouchPay, which gradually matured and slowly occupied the mobile payment market monopolized by WeChat and Alipay.
If you have nothing about it, don’ t worry. Now Domatters let you know more about TouchPay.
What is "TouchPay"
Actually, "TouchPay" was born in June 2018, and it was the first to go online on the Cloud Flash pay app. Briefly speaking, it is a UnionPay's new payment method, which is a NFC module based on smart phone. Rencently, UnionPay's tag payment technology can unlock the mobile phone and pay as you touch it, and it has supported nearly 100 models of seven brands including Huawei, Xiaomi, Samsung, Oppo, Vivo, Meizu and Apple.
What advantages does TouchPay have? The digital marketing company summarized three points to illustrate its superiority in China.
Based on the unique code NFC label, all materials about TouchPay are certified by the bank card testing center, which is anti-duplication and tamper proof, and can effectively guarantee the payment security.
In the payment industry, security is always put in the first place. Compared with scanning code payment, the security of TouchPay is even higher. QR code can be seen almost everywhere in our life, but the proliferation of QR code also brings us a lot of security risks. For example, QR code is very easy to modify, and criminals embed mobile phone virus into QR code to steal our money. The two-dimensional code is also very easy to copy, and the NFC tag reads the unique ID of the built-in chip during the transaction. For counterfeit chips, Huawei will trace the ID to find the wafer manufacturer that produces the chip for accountability.
You can pay once you touch it unless you have to open the app. And compared with scan code payment, UnionPay touch does not depend on light and scanning position.
Easy to use is a consideration based on paying. As long as the mobile phone is close to the TouchPay card, the phone will automatically show up the charging interface and input the amount. The whole process does not need to open any app, which is more convenient and faster than the scanning code. Moreover, scanning code payment is difficult to pay without network, insufficient light, or lack of two-dimensional code, but TouchPay does not have these defects. That is to say, TouchPay does not need the Internet, and it can also be paid in the dark.
According to the requirements of No. 296 document of the people's Bank of China, the single transaction limit of static two-dimensional code is RMB 500, however the payment method of UnionPay, namely TouchPay can conduct unlimited transaction based on NFC label. It is much more helpful than any other payment methods.
Unlimited amount is the third advantage of TouchPay. It will be very embarrassing and helpless because of the single limit in the process of consumption payment. Whatever, there is no such concern at all. UnionPay's TouchPay can conduct unlimited transactions based on NFC label.
You must still have some questions about TouchPay. You may guess, since TouchPay has so many advantages, can it shake the dominant position of scanning code payment? To be sure, it is almost impossible in the short term. As far as Domatters knows, WeChat and Alipay's scan code payment has such a huge mass base, and there are a variety of application scenarios. Another puzzle in your mind may be that the application of TouchPay requires--mobile phones must have NFC function. Although most of the new machines in the market have been equipped with NFC, some new phones and mobile phones still do not have this function, which is the biggest obstacle to the development of TouchPay.
Even so, in China's huge mobile payment market, TouchPay will certainly launch a strong challenge to scan code payment with its own advantages. Even in the near future, it may shake the dominance of WeChat and Alipay. Why not? Anything is possible!
If you have much interest in TouchPay, you can contact Domatters to help you with the new payment in China.
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