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UnionPay, JD Finance cooperate on Internet payment

By Sun Wenyu (People's Daily Online)    14:30, January 05, 2017

Chinese financial services giant UnionPay signed a strategic cooperation agreement on Jan. 4 with JD Finance, a subsidiary of China's second largest e-commerce company, JD.com. The agreement officially recognized JD Finance's Chinabank Payments as its acquiring member.

The two companies will carry out cooperation on online and offline acquiring services. In addition, they will work together on payment innovation, co-branded cards and rural finance. According to the agreement, UnionPay and JD Finance will test waters in the fields of Quick Pass and Internet payment.

UnionPay published a standard for QR payment codes in December 2016, allowing all third-party payment institutions to make use of its services. Given that China's two largest mobile payment service providers, Alipay and WeChat Wallet, have yet to follow suit, UnionPay's cooperation with JD Finance indicates its ambition to win new business.

In addition, both parties will issue co-branded cards with commercial banks, in a bid to provide customers with a more diversified consumer experience. A total of 16 banks have joined the program.

Other aspects of the cooperation include big data services, fraud prevention, financial security, rural finance development and international coordination. Meanwhile, according to Alipay, the possibility of future cooperation between the two payment giants cannot be ruled out. 

(For the latest China news, Please follow People's Daily on Twitter and Facebook)(Web editor: Hongyu, Bianji)

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