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.