UnionPay bets big on innovation

Bank card operator China UnionPay is banking on innovation, especially in key sectors like Internet and mobile payment services, for sustained business growth this year, according to a top official.

UnionPay attaches great importance to online payment services because a growing number of people in China will use mobile phones instead of bank cards for payment, Ge Huayong, chairman of China UnionPay, said on the sidelines of the Asian Financial Forum in Hong Kong on Tuesday.

The company is developing a digital wallet to enable its clients to make purchases or book tickets online with their mobile phones. It is also holding talks with domestic telecom operators to offer seamless cash payment services, or in other words services that enable UnionPay cardholders to make payments without credit or debit cards in certain supermarkets.