Big state-owned lender Agricultural Bank of China (ABC) is working with payments giant China UnionPay to issue government consumption vouchers to help stimulate economic activity in the wake of the COVID-19 pandemic.
ABC and UnionPay recently launched a joint initiative for using the UnionPay Cloud QuickPass app to facilitate the issuance and usage of the Chinese government’s consumption vouchers.
The initiative will enable Chinese consumers to use multiple channels to access consumption vouchers, including government apps and mini-programs; the UnionPay Cloud Quickpass app, as well as ABC’s banking and credit card mini-programs.
They can also use the UnionPay Cloud QuickPass app to spend the vouchers via QR code scans at department stores, restaurants and hotels.
The project was first launched in the Zhejiang province city of Ningbo on 17 April, with ABC working with the municipal finance department and UnionPay to provide consumption vouchers for products sold by selected retailers.
The next step will see ABC expand its cooperation model and work with UnionPay to provide more operational and technical support.