Bank of China Collaborates with Union Pay to improve Payment System Development

Bank of China (BOC) and Union Pay, a banking company, partnered to explore Blockchain technology for payment system development. The partnership was announced on Wednesday.

The partnership will allow BOC and Union Pay to cooperate in the field of cross-border mobile payments, as per the market demand and regulatory requirements. With a mission to develop better mobile banking products, both the companies will examine big data and distributed ledger technology.

Within the partnership, the cardholders of union pay will be able to use QR for spending, trading and transfer on a cloud flash payment app as the company will develop a unified port for mobile integrated financial services.

For Union Pay, the partnership will boost the company’s capacities to promote the cooperation of their overseas business. By January this year, Union Pay has been focusing on growing their business with innovative ideas and making partnerships with new organizations and operating strategies for the market. The company’s international business rolled out its innovative payment services by capturing different markets around the globe.

In relation to electronic payment systems, recently, the University of Hong Kong’s Science and Technology business school have raised funds to improve the security of electronic payments systems. The university and other partners will jointly work for the enhancement of the electronic payments system’s security and utilize blockchain in the field.