Intel Corporation (NASDAQ:INTC) recently announced their plan to join UnionPay to create a more secure mobile payment platform at the IDF’s second day keynote. This new program will use Intel Corporation (NASDAQ:INTC)’s Identity Protection Technology. It will also use a distribution of the Hadoop software framework that’s used in data centers.
UnionPay is China’s top financial institutions for bank cards. They have a total of 3.5 billion cards both locally and internationally. Chai Hongfeng (executive vice president for Union Pay) adds that UnionPay covers at least 141 different regions and countries throughout the world.
During the announcement, Chai also introduced UnionPay Quick Pass, a nearfield communication (NFC) service that can be used at over 1.1 million POS terminals as of late last year. Chai also used a developer device from Intel to purchase a can of soda for the Corporate Vice President Doug Fisher.
Many famous hedge fund managers engage in philanthropy, often through their own foundations. Leon Cooperman of Omega Advisors founded his foundation with his wife Toby, and he invested the foundation's funds into many hedge funds and other assets. Q3 2021 hedge fund letters, conferences and more Here are Leon Cooperman's favorite hedge funds based on Read More
NFC and mobile payment programs are expected to grow in the next few years. It’s important that companies either create or enhance such services to benefit mobile phone users. It’s important to continue to upgrade their products in order to meet with the changing technology and needs of the customers. These changes should enhance the whole user experience and help them build up profits.
UnionPay already works as a key player in China’s mobile market. The company is currently working with big companies like China Unicom (Hong Kong) Limited (NYSE:CHU) (HKG:0762), China Mobile Ltd. (NYSE:CHL), HTC Corp (TPE:2498), and ZTE Corporation (SHE:000063).
This report is still relatively new, and hopefully we will find out more about Intel Corporation (NASDAQ:INTC) and UnionPay’s plans to improve the mobile payment platform. It will be interesting to see when and how plastic cards are all replaced with mobile payment applications.
Technology is changing everything and it’s all still just the beginning. There is still quite a bit to go with this new service.