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China Post and China UnionPay reach strategic partnership
China Post and China UnionPay reach strategic partnership
| China Post |2019-12-13

On December 13, China Post Group (hereinafter referred to as China Post) and China UnionPay Co., Ltd. (hereinafter referred to as China UnionPay) signed a strategic partnership agreement to deepen cooperation in the field of mobile payment and promote the rapid development of payment industry. Kang Ning, Vice President of China Post, and Hao Zhe, Executive Vice President of China UnionPay, attended the signing ceremony. Kang Ning and Hao Zhe signed the agreement on behalf of both parties.

After years of reform, innovation, transformation and upgrading, China Post has developed into a conglomerate that provides not only universal postal service and special services, but also modern express and logistics services, modern banking, insurance, securities and fund business. In terms of financial business, China Post has obtained all the financial licenses,involving companies like Postal Savings Bank of China(PSBC), China Post Life Insurance Co., Ltd., China Post Securities Co., Ltd., and China Post Capital Management Co., Ltd. By the end of September 2019, the PSBC has had nearly 40,000 business outlets, covering 99% of China's counties (cities), with  600 million individual customers covering more than 40% of China's total population and total assets of 10.11 trillion yuan, ranking the fifth in China's banking industry.

China UnionPay is the core and hub of China's bankcard industry, which plays an important role in maintaining the national economic and financial security and promoting unconventional and leapfrog development of China's bankcard industry. Particularly, in recent years, China UnionPay has carried out extensive cooperation with more than 2,000 institutions at home and abroad. Its network has spread across China's urban and rural areas, and extended to 170 countries and regions in Asia, Europe, the Americas, Oceania and Africa. It has built a wider range, more fields and more channels bank card acceptance environment for customers home and abroad.

China Post and China UnionPay are highly complementary in their business fields. In this signing, both sides are committed to establishing a long-term win-win strategic partnership, better fulfilling the missions of state-owned enterprises in the new era, and promoting the sustainable and healthy development of enterprises. According to the agreement, in accordance with the principle of "resource sharing, advantages complementary, win-win cooperation and common development", the cooperation of the two sides will focus on three aspects, including financial payment, delivery logistics and e-commerce of Ule.

In terms of financial payment, the two sides will carry out in-depth cooperation in card issuance, bank card acquiring service, and promotion of such innovative product as China UnionPay facial recognition payment. Moreover, relying on China UnionPay's QuickPass app and PSBC mobile banking app, both sides will jointly invest resources and carry out marketing activities to jointly promote the construction of China UnionPay's QuickPass acceptance market. In terms of express and logistics, both sides will jointly improve the comprehensive service capacity of express business, and carry out in-depth cooperation in postage payment through QR code scanning on China UnionPay's QuickPass app. In terms of e-commerce of Ule, China UnionPay will assist China Post's ULE system and ULE app to access payment methods such as China UnionPay QR code and China UnionPay's QuickPass. In addition, both sides will jointly invest resources to carry out "’Shop Owners’ Day" and other related activities.

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