UnionPay to spend $32m on online payment

China UnionPay Co Ltd, a bankcard association, will spend 200 million yuan ($32.02 million) to promote its payment functions and services to cardholders, the company said on Tuesday.

Third-party payment services are taking an increased market share, it said.

The promotion is to change cardholder habits from swiping cards to paying with phones. It's something widely seen in China and has created business opportunities from online to offline payment channels, Hu Ying, assistant president of China UnionPay, said.