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UnionPay Signs Cooperation Agreement on Mobile Payment Business with China Mobile

Chairman of UnionPay Su Ning (second from right) and Chairman of China Mobile Xi Guohua (second from left) attended the signing ceremony. Executive Vice President of UnionPay, Chai Hongfeng (first from right), and Vice President of China Mobile, Sha Yuejia (first from left) signed the agreement on behalf of both parties.

On June 21, UnionPay and China Mobile concluded the cooperation agreement on mobile payment business in Shanghai, agreeing upon both parties will carry out in-depth cooperation in the fields such as product R&D, technical standard, acceptance environment construction and market promotion, improve their comprehensive innovation capabilities and service level in order to promote the development of mobile payment industry together. Su Ning, Chairman of UnionPay and Xi Guohua, Chairman of China Mobile attended the signing ceremony; Chai Hongfeng, Executive Vice President of UnionPay and Sha Yuejia, Vice President of China Mobile signed the agreement on behalf of both parties.

This time the active cooperation between UnionPay and China Mobile mainly aims to jointly explore the application of more payment functions via mobile phone terminal. Using the mobile phone SIM card and so on as the carrier of bank card account, users will be able to use remote payment services via the mobile communication network, such as credit card repayment, convenient utilities payment and online shopping. Additionally, users can enjoy fast payment via mobile phone contactless business in the shopping malls, convenience stores, vending machines and other places with UnionPay’s “Quick Pass” logos or China Mobile’s “Mobile Phone Wallet” logos. Both parties intend to start up the business pilot projects in multiple cities and gradually build a 100 business circles of near field payment service. Moreover, UnionPay and China Mobile will launch the in-depth cooperation in the interconnection and interoperability of near field payment technical standard, NFC mobile phone testing and Trusted Service Manager (TSM), etc.

Su Ning, Chairman of UnionPay, said that innovation and development of the bank card business and modern communication give birth to mobile payment. As an innovative payment method, mobile payment develops with the prosperity of mobile Internet and e-commerce and offers to consumers convenient, secure payment services. China Mobile has expertise and rich experience in the communication industry, and UnionPay network sees its presence in urban and rural areas in China and even extends to 125 overseas countries and regions. Integration of both parties’ resources will better promote the development of the mobile payment and realize the win-win cooperation. Giving play to their own advantages, both parties will jointly provide diversified and personalized mobile payment products to customers, constantly expand the application areas and acceptance range as well as enhance the payment services of both parties and relevant industries.

Xi Guohua, Chairman of China Mobile, said that in 2012, an important year for M-commerce, with the vision of “Mobile Changes Life”, China Mobile will endeavor to increase daily life service share for individual customers and the information service share for people from all walks of life. This year, China Mobile will also earnestly do a good job in strategic transformation and reform innovation, devote itself to building the platform-based mobile payment service in M-commerce and strengthen the wide cooperation with all businesses to create new values for social production and economy activities as well as all sectors. The strong cooperation between China Mobile and UnionPay will certainly drive the mobile payment business to grow faster and help the whole industry chain achieve a win-win result via cooperation.

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