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China UnionPay to promote digital transformation

chinadaily.com.cn | Updated: 2021-04-02


Chinese card payment giant China UnionPay plans to pursue technological upgrading. [Photo/VCG]

Chinese card payment giant China UnionPay will pursue transformation and upgrading and adhere to an innovation-driven development model in the next three years, according to a local news report on April 1.

China UnionPay, established in March 2002, has made notable achievements over the past 19 years. Official data show that it has applied for more than 2,300 patents at home and abroad, and 122 countries and regions involved in the Belt and Road Initiative accept UnionPay cards.

Despite the novel coronavirus epidemic, China UnionPay maintained stable growth last year, with the total value of its transactions reaching 205.6 trillion yuan ($31.34 trillion), up 8.8 percent on a yearly basis.

China UnionPay has established a complete service system and offers mobile and QR code payment, making it available both offline and online.

China UnionPay has also ramped up efforts to accelerate digital transformation in recent years, and has developed the QuickPass app, which can provide users with services such as mobile payment, account management, and more.

Authorities of the Fujian branch of China UnionPay said that the company has made signficant contributions to Fujian's social and economic development. It has developed a wide range of financial products and launched various financial services for all kinds of users, including small and micro-sized enterprises. Services related to improving people’s livelihoods, including smart transportation, smart tourism, and more convenient payment modes, have also been rolled out. 

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