(Yicai Global) Nov. 21 -- China UnionPay Co., China's traditional payment giant and financial services company, is making sustained efforts in the area of mobile payment. Yesterday, it joined hands with Xiamen International Bank Co. (XIB) and 9fjinke Holding Group Co., an online loan platform, to promote the UnionPay two-dimensional barcode payment, online media outlet ikanchai.com reported.
Under the deal, China UnionPay will provide a full range of banking channels and strong system transfer and clearing capability to further drive the development of two-dimensional mobile barcode payment based on Xiamen International Bank's technology transfer and account support and 9fjinke's digital technology.
The UnionPay 2D barcode business has grown dramatically with more than 150 major apps developed in less than a year, including apps of 17 national banks, JD.Com, Inc. [NASDAQ:JD] and Meituan, group buying website, with some 100 million users. The growth of average monthly transactions reached 45 percent and the growth of average monthly active merchants hit 87 percent, with the average daily trading transactions exceeding 1.5 million.
The three companies will also collaborate on payment product innovation, co-branded card and artificial intelligence (AI) in payment, risk control and user services, and will jointly explore opportunities for cooperation in more fields.