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TMCNet: China Unicom joins hands with China UnionPay

[November 26, 2009]

China Unicom joins hands with China UnionPay

BEIJING, Nov 26, 2009 (Xinhua via COMTEX) -- China Unicom (0762.HK; 600050.SH; CHU.NYSE) and China UnionPay (CUP), a bankcard association in China, have signed a comprehensive strategic cooperation agreement to jointly develop finance payment methods and enrich telecom services.



According to the agreement, the two parties' cooperation will cover mobile payments, fixed-line payments, added-value businesses, e-commerce, information services, internet and information securities, and the issuance of co-branded cards.

Based on CUP's cross-bank transaction system and China Unicom's telecom network, the two parties are expected to innovate new payment methods and promote smart card payment services via mobile phones, primarily in pilot regions.

To cope with the rapid development of mobile e-commerce under 3G telecom technologies, the two parties' payment innovations will reach mobile shopping, tap into multi-channel payments, logistics and distribution, and pay order confirmation, in an aim to establish and perfect the industrial environment.

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