Bank of China and China UnionPay Sign Cooperative Agreement Covering Mobile Payments

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China’s leading payments company has just signed a comprehensive cooperative agreement with one of the country’s big six state-owned banks.

The comprehensive cooperative agreement recently executed in Beijing by Bank of China and China UnionPay covers areas including cross-border sales, product research and development, market expansion, and site development.

Under the agreement the parties will also jointly create a range of credit card products that better suit the needs of various market demographics; drive the establishment of mobile payments projects, promote cloud flash payments and accelerate the transition towards mobile payments.

Other areas covered by the agreement include:

  • Accelerating the establishment of a financial inclusion system;
  • Raising international service capabilities;
  • Continually improving UnionPay’s global processing network;
  • Developing domestic and overseas products;
  • Further raising the scope and quality of UnionPay’s domestic and overseas transactions.

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