China UnionPay has launched a new mobile payment service QuickPass. [File Photo: the100.com]

China's largest payment network, China UnionPay, has launched a new mobile payment service QuickPass in cooperation with over 20 Chinese banks.

QuickPass aims to provide a more convenient and safer payment service for consumers across the country.

This is part of UnionPay's efforts to win back the market from China's fast-growing online third-party payment platforms.

One of the banks participating in the new service is the Bank of China.

A manager with the bank describes how Quickpass works.

"The model built by the Bank of China and China UnionPay is a four-party cooperation model among banks, China UnionPay, merchants and cardholders. We have also attracted a lot of resources from society, including telecommunications operators. This model is the mainstream and the safest payment model in the market."

Regarding security concerns, the new mobile payment service is armed with multiple security features guaranteed by technologies including token technology and cloud verification.

Statistics show that the volume of mobile payment transactions in China more than doubled in 2014.

Among them, third-party payments accounted for 80 percent of the market transactions.