JETCO welcomes China UnionPay as strategic investor to develop mobile payment in Hong Kong

Hong Kong’s first mobile “QuickPass” service set to launch this year

Hong Kong - 16 June 2015 - Joint Electronic Teller Services Limited (“JETCO”) today welcomed China UnionPay Holdings Co. Ltd. (“China UnionPay”) as a strategic investor and JETCO board director. This strategic investment signifies closer partnership between the two companies as they develop mobile payment in Hong Kong - including the launch of Hong Kong's first mobile QuickPass service and remote mobile online payment service later this year.

At the news conference, JETCO Chief Executive Officer Mr. Angus Choi said: “UnionPay is a fast-growing bankcard association in China with a strong customer base as well as a wide network of merchants and payment terminals. With China UnionPay as our shareholder and board director, we can join forces to improve mobile payment and e-Commerce in mainland China, Hong Kong and Macau. Together, JETCO and China UnionPay are offering local markets a new pinnacle in payment services – more advanced, secure and convenient.”

There are currently 5 million terminals accepting mobile QuickPass bank cards in mainland China and over 3,200 terminals accepting QuickPass bank cards across Hong Kong and Macau – and that network is expanding rapidly. JETCO will provide a highly secure Trusted Service Manager (TSM)-based mobile payment platform featuring multifunction SIM card technology. The multifunction SIM card, launched by JETCO earlier this year, can accommodate a range of smart phone models as well as China UnionPay mobile QuickPass credit cards issued by different JETCO member banks. This will allow Hong Kong cardholders to conduct contactless payment transactions in Hong Kong and the mainland, while cardholders from China can use their mobile QuickPass credit cards in Hong Kong.  China UnionPay President Wenchao Shi said: “Our card business in Hong Kong originated in 2004 and this marked the start of UnionPay’s international strategy. Our strategic partnership with JETCO will enable important breakthroughs in the mobile payment area for both parties and allow us to raise our service standards for cardholders to a new level. UnionPay will continue to increase investment in Hong Kong and other markets where our card business is more mature. Through resource consolidation and a complementary alliance, we can more quickly and effectively accelerate the development of our payment business and achieve a win-win outcome for many parties.”  In addition to the mobile QuickPass credit card, the two companies are also launching the remote mobile online payment service in Hong Kong.  The existing online payment platform will be optimized to accommodate the growing need for e-Commerce mobile payments, offering more convenient and secure payment services to customers in Hong Kong, Macau and China. 

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For Media Enquiry
Vianne Fung
Golin
Tel: (852) 2501 7908
UnionPay International
Media enquiry:UPIPR@unionpayintl.com

About Joint Electronic Teller Services Limited

Joint Electronic Teller Services Limited (“JETCO”) was established in 1982 by five banks, namely, Bank of China (Hong Kong) Limited; The Bank of East Asia, Limited; OCBC Wing Hang Bank Limited (formerly Chekiang First Bank Limited); Shanghai Commercial Bank Limited and Wing Lung Bank Limited. Today, JETCO has over 30 member banks in Hong Kong and Macau and supports a range of banking services to these member banks covering both regions.

Today, over 3,000 ATMs in Hong Kong, Macau and more than 20 cities in Mainland China are connected to and operated through the JETCO network. Customers can use JETCO ATMs to make cash withdrawals, fund transfers, balance enquiries, bill payments, credit card payments and charity donations.

In addition to ATM switching service, JETCO also provides other value-added services, including payment gateway services for e-Commerce and mobile payment solutions, to help member banks provide innovative and high-quality service to their customers.

JETCO continuously strives to enhance the range and quality of its service offering, and has been awarded a number of international professional qualifications in recent years. The company achieved Information Security Management System (ISO 27001) certification in 2007. JETCO’s Internet Payment Gateway service has complied with the Payment Card Industry Data Security Standard (PCI DSS) since 2005.

For more details, please visit www.jetco.com.hk

About China UnionPay

As a bankcard network, China UnionPay operates the China’s national inter-bank clearing and settlement system, develops the worldwide UnionPay Card acceptance network, promotes the issuance and usage of the UnionPay Card as well as other innovative payment solutions, so as to provide quality, efficient and safe payment services to cardholders. To date, the total number of the UnionPay Card issued both at home and aboard has exceeded 5 billion. The UnionPay network has been extended to all the cities and rural areas in China. In addition, UnionPay has enabled the UnionPay Card acceptance over 150 countries and regions through extensive cooperation with more than 400 institutions around the world. Additional information may be found at: www.unionpay.com

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(Photo) Toasting ceremony – (4th, 5th & 6th from left) JETCO CEO, Angus Choi; China UnionPay President, Wenchao Shi and JETCO Chairman, Jack Fung