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ICBC Launches Contactless Payment Products to Facilitate Intelligent Transport

On September 10, ICBC officially launched “ICBC Contactless Payment” products in Beijing, Zhejiang, Sichuan, Jilin, Shanxi, Shanghai, Guizhou and Shandong synchronously. It is a brand new product system created by ICBC centering on the new ecosystem of intelligent transport, that provides customers with better quality, richer and more convenient mobile financial services.

As introduced by the bank, travel by automobile has grown rapidly in recent years. Due to limited road resources and increasing travel demands, improving traffic efficiency and realizing intelligent transport becomes a key part of comprehensive urban management. Based on the advantages on brand, customer and technology, ICBC organically integrated Internet technology, intelligent transport scenarios and financial services to create brand new contactless payment products. The products were launched into the market on a pilot basis in early 2019 and were highly recognized by partners and customers. At present, there are nearly 400 cooperation projects in the fields of highways, airports, urban roadside parking, large commercial centers and gas stations across the country, fully realizing the online and offline financial services integrating “driver-vehicle-lot-road”. Taking Beijing - China’s capital and busiest city as an example, ICBC equipped all parking buildings of the capital airport’s T1, T2 and T3 with “ICBC Contactless Payment” service. After binding the license plate number with bank card in ICBC mobile banking, customers can leave the parking lot rapidly with parking fee deducted automatically, which greatly improves the traffic efficiency of the parking lot.

According to the introduction, the “ICBC Contactless Payment” product system consists of “Car License Payment”, “QR Code-Scanning Payment” and “Password-free Payment” that can provide customized solutions targeted at partners’ specific needs. Specifically, “Car License Payment” depends on license plates to help customers achieve direct pass; “QR Code-Scanning Payment” provides the function of scanning QR code; “Password-free Payment” combines partners’ user system to realize back-stage money deduction. The product integrates risk monitoring, credit line control, etc., to ensure the safety of customers’ accounts while improving customer’s experience and convenience.

In the next step, ICBC will, on the basis of intelligent transport services, integrate “Contactless Payment” with various life scenarios, such as health care, education and training, culture industry and tourism, so as to provide customers with more convenient financial services.