UnionPay International rolls out its Content & Service Platform to build "Pay+" digital ecosystem - FinanceFeeds

UnionPay International rolls out its Content & Service Platform to build “Pay+” digital ecosystem

Maria Nikolova

UPI has expedited the launch of its Content & Service Platform to provide a fast, convenient and secure cashless payment solution for 62 digital wallets.

UnionPay International (UPI) has announced the launch of a new Content & Service Platform (UCSP), establishing a “Pay+” digital ecosystem in partnership with global financial institutions and industry service providers.

The platform offers value-added services to beef up user experience for digital wallets developed or upgraded to UnionPay standards; allowing institutions outside of mainland China to provide instant payment for utilities, transport, lifestyle and entertainment.

Since the outbreak of COVID-19, digital payment services have played an essential role in slowing the spread of the virus by reducing the risk of person-to-person transmission. To strengthen this, UPI has expedited the launch of its Content & Service Platform to provide a fast, convenient and secure cashless payment solution for 62 digital wallets developed or upgraded to UnionPay standards in 13 countries and territories.

The UPI Content & Service Platform is designed to offer a comprehensive range of technical resources for the evolving mobile payment and lifestyle landscape outside mainland China. Making available more value-added services, the platform will serve as an essential tool for digital wallets to maintain their competitive advantages and industry service providers can enlarge their distribution channels to increase user traffic. Meanwhile, global users can access multiple services seamlessly through one single mobile application.

To date, services provided by hundreds of merchants and service providers in public utilities, taxi-hailing, flight and hotel booking are accessible globally via the platform. Once linked, these services will be available in up to two weeks.

With the innovative collaboration model in place, UPI has boosted efficiency for wallet developers, merchants and industry service providers. UPI selects partners from industry subdivisions to establish a “service pool”, which digital wallet developers can choose interested merchants to link to the system through an integrated application programming interface (API), streamlining the process while significantly reducing technical requirements.

In the future, UnionPay International will continue to update the platform by providing more and better value-added services, including big data analysis, to support the optimization of partner institutions membership systems and consumer behavior analytics.

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