Gemalto has teamed up with Chinese-based bankcard association UnionPay to create a secure mobile NFC payment system.
UnionPay is a payment network that provides inter-bank clearing and a settlement system for the UnionPay card. It has issued over 3.5 billion cards and has been an advocate for establishing a mobile payment system in China.
The two organizations will work on deployment aspects, such as TSM interoperability, security and operating guidelines. The partnership will also include technology standards and specifications.
From this partnership, UnionPay hopes to roll out a future-proof NFC payment system for its issuer banks and provide secure contactless mobile payment services to cardholders.