Bank of China and China UnionPay have entered into a partnership to jointly explore blockchain technology applications for payment system development. The partnership comes in response to market demand and regulatory requirements, giving rise to further opportunities for cooperation between the two parties in the field of cross-border mobile payments. The two entities will jointly investigate big data and distributed ledger technology deployment in order to improve mobile banking products. Within the initiative, China UnionPay aims to build a unified port for mobile integrated financial services, where cardholders will be able to use a QR code to spend, transfer and trade on a cloud flash payment app. The bank will launch a promotional program of the payment system to provide customers with a safer, more convenient and more efficient mobile payment service experience.
