Rumor: China UnionPay to Launch Online Payment in 2011

The Beijing News, 12/29/10

Chinese banking network China UnionPay has begun large-scale recruiting with the aim of launching an online payment service in 2011, according to an industry insider.

UnionPay has reportedly established an online business division and begun hiring nationwide. UnionPay branch representatives from around the country recently attended a company meeting on online payment held in Shanghai in preparation to launch the service next year. The source said that online payment has been integrated into UnionPay's long-term strategic plan.

UnionPay has recently been contacting China's major and regional banks as well as airlines, railways, insurance providers and public utilities. Third-party payment providers such as Alipay and 99Bill have also been in touch with UnionPay and joined UnionPay's payment transfer system.

Another source close to UnionPay revealed that UnionPay has set an internal goal to create an Online UnionPay system and to integrate it with bank cards on the UnionPay network.

Keywords: Internet China UnionPay third-party payment online payment e-commerce e-payment

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