UnionPay International announced that China UnionPay has launched "Explore China Your Way with UnionPay: China UnionPay Payment Service Optimization - Project Excellence 2024." The launch ceremony was held in Shanghai.
China UnionPay is one of the world's largest card payment organizations. The ceremony was attended by key figures, including the vice mayor of Shanghai and the deputy governor of the People’s Bank of China.
The aim of Project Excellence, according to a UnionPay International news release, is to enhance payment options for various groups such as senior citizens in China and international visitors. The initiative will begin in Shanghai and is set to expand throughout the year. It will involve terminal upgrades, signage placement, and promotional activities to increase awareness about the project and available payment options in specific cities. Government authorities in these areas are expected to encourage industry participants to contribute resources towards the success of this project. By 2024, Project Excellence is projected to reach 41 cities across China, with a focus on 26 high-frequency use cases spanning eight categories including food & beverage, accommodation, sightseeing, shopping, entertainment, education, and healthcare. The goal is to offer diverse payment options such as cards, QR codes, OEM pay products and cash withdrawal facilities while complementing mobile card and cash payments.
In line with this initiative, UnionPay has entered into agreements with Ctrip Financial Services and China Tourism group to streamline payment processes for international visitors. As per the news release announcing Project Excellence's kickoff, approximately 20 issuers from countries including South Korea, Thailand, and Kazakhstan are involved in this collaboration. These issuers will provide double-digit cash back offers for cardholders who opt for UnionPay during their stay in China.
Zhang Qingsong, deputy governor of the People’s Bank of China (PBOC), highlighted that efforts towards reducing transaction costs and promoting financial inclusion have been facilitated by rapid advancements in mobile payment technology. Qingsong also mentioned that PBOC has established a working group to ensure adherence to the state council's guidelines on optimizing payment services in China.
Xie Dong, vice mayor of Shanghai, emphasized the critical role of payment security in maintaining economic and financial stability, as well as its impact on people’s lives. She also stated that Project Excellence can "enable senior citizens and international travelers to feel accepted and welcomed, and make payment services in Shanghai more accommodating."