National bank card association China UnionPay and Shanghai-based retail conglomerate Bailian Group Thursday inked a strategic cooperation agreement to improve payment services.
Under the agreement, online and offline retail businesses of Bailian will support UnionPay's new payment services, including QuickPass, which allows users to complete transactions by placing their mobile phones near the card slots or NFC reading areas of compatible point-of-sale (POS) terminals.
The two parties will jointly research innovations in the fields of retail business, consumer finance, Internet of Things, and big data.
Ye Yongming, chairman of Bailian, said advanced technology is driving enormous change in the country's retail sector.
Bailian Group is a state-owned enterprise in Shanghai. Its main business covers department stores, shopping malls, outlets, large stores, supermarkets, convenience stores and specialty retail, as well as operations in non-ferrous metals, ferrous metals, automobiles, chemical lighting, electricity, timber and fuel. It operates 4,700 stores in more than 200 Chinese cities.
China UnionPay is responsible for all bank card transactions on the Chinese mainland and has extended its reach to 150 countries and regions.