Money

UnionPay, Huaxia Bank jointly tap mobile payment market

(Xinhua)
Updated: 2011-06-22 13:23

BEIJING -- China UnionPay, one of the world's leading bank card associations, said it has signed a framework agreement with Huaxia Bank to cooperate in the field of cell phone payment.

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The two companies will jointly work to improve their financial services and increase cooperation in sharing payment platforms, while developing more value-added services and risk control, according to the agreement signed Tuesday in Shanghai.

Clients that open cell phone payment services will be able to do online shopping, pay water and electricity bills, and make credit card payments directly on their cell phones, said a statement on the website of China UnionPay.

The statement did not say when the services will be widely available.

Currently, China UnionPay is also working with other commercial banks in developing more innovative ways of payment, such as internet payment and payments through advanced television sets.