In an official statement published August 15, Bank of China and China UnionPay (CUP) inked a mobile payment strategic partnership in Beijing. The said organizations also announced the launching of the cloud flash payment theme promotion month on the said date.
According to the partnership, the two parties will capitalize on their respective turfs, and implement the requirements of mobile payment convenience demonstration projects. Also, the partnership will reinforce all-round cooperation in the mobile payment sector, promote the sound and rapid development of the payment industry, and offer intelligent, open, integrated, and comprehensive digital mobile finance for customers and the public as a whole.
The momentous event was attended by notable executives of the said organizations, like Liu Lianzhen, Deputy Secretary of the Bank of China Party Committee, Liu Qiang, Bank of China’s Deputy Governor; China UnionPay’s President Hou Zhe was also present, as well as Executive Vice President Hao Zhe.
Also, the Bank of China’s cloud flash payment theme publicity month was launched on the same date.
The state-run bank attaches great importance to implementing the various requirements for the mobile payment convenience demonstration project. For the entire duration of the cloud flash payment theme publicity month, the bank will strengthen the top ten convenience scenes such as supermarkets, campuses, buses, and subway.
For China UnionPay, the Cloud Flash Pay App will be aiming to create a unified avenue for mobile integrated financial services. Cardholders can make use of the QR code to spend and transfer on the said app. Also, they can inquire about discounts, their debit card balance, as well as their credit card’s.
Bank of China concluded:
“In the future, Bank of China and China UnionPay will adhere to the development concept of “cooperation, openness and win-win,” continue to deepen cooperation, adhere to the practice of inclusive finance, and jointly provide customers with a safer, more convenient and more efficient mobile payment service experience.”
Meanwhile, the said bank also announced that it will be appropriating about $70.9 billion to revamp its blockchain and fintech sectors. For more information regarding the announcement, you may head over here to our cryptocurrency news site to read more.