Advancing Payment Convenience: Industrial Bank Collaborates with China UnionPay on “Splendid Action 2024”

Recently, to thoroughly implement the decisions and deployments of the Party Central Committee and the State Council, and to earnestly fulfill the requirements of the Opinions on Further Optimizing Payment Services to Enhance Payment Convenience (hereinafter referred to as the “Opinions”), Industrial Bank, in collaboration with China UnionPay, has embarked on the “Splendid Action 2024.” This initiative aims to accelerate the transformation of the Bank card acceptance environment, providing more superior, efficient, and convenient payment services for the elderly, foreign nationals in China, and other groups.

Under the framework of “Splendid Action 2024,” Industrial Bank and China UnionPay will leverage their respective resources and strengths to deepen industry integration, jointly committing to bolster the construction of the card-based (bank card ecosystem) market, achieving mutual benefits, shared resources, and shared scenarios.

On one hand, the collaboration will concentrate on key cities, business districts, and merchants, particularly major chain brands frequently patronized by foreign nationals in China. The initiative aims to accelerate the enhancement of the Bank card acceptance environment for high-quality merchants, promoting the parallel development of various payment methods such as bank cards, mobile payments, and cash, thereby ensuring consumers’ right to choose their payment methods. On the other hand, both parties will employ multiple strategies, such as displaying acceptance signs, enhancing cashier training, and implementing cashier incentive programs, to refine the soft environment for foreign card acceptance. These efforts aim to improve foreign nationals’ awareness and understanding of domestic payment services while also enhancing cashiers’ proficiency in handling bank card transactions, ultimately providing more convenient payment services for foreign nationals.

“Industrial Bank, in conjunction with China UnionPay, will continue to play a pivotal role in the payment industry, integrating resources from all parties to build a sustainable business model. We are committed to further enhancing the level of payment services, optimizing the business environment, and making greater contributions to the high-quality development of the payment industry and the country’s high-level external opening up,” stated a representative from Industrial Bank.

Following the release of the “Opinions,” Industrial Bank took prompt action by organizing a bank-wide meeting to strategize on optimizing payment services, establishing a dedicated task force to accelerate the implementation of various payment facilitation initiatives. The Bank has introduced a range of convenient measures to improve the Bank card acceptance environment, creating a mobile payment setting that accommodates the needs of the elderly and aligns with international standards.