UnionPay’s Project Excellence 2024: revolutionizing payment services

Saturday, March 16, 2024

On March 15, Shanghai hosted the inaugural event for “Explore China Your Way with UnionPay: Project Excellence 2024”, a China UnionPay initiative aimed at enhancing payment services. This event saw key figures such as Zhang Qingsong, a senior official from the People’s Bank of China, and Xie Dong, Shanghai’s Vice Mayor, sharing insights. The launch attracted a notable assembly, including Shanghai’s government officials, and leaders from China UnionPay and the payment industry, alongside representatives from banks, regulatory bodies, and international partners.

Responding to the State Council’s directives to refine payment services, this document outlines strategies to overcome existing hurdles and foster a versatile payment ecosystem catering to diverse user needs. It underscores the central government’s commitment to nurturing the payment sector and outlines a path for its future expansion. This strategy is crucial for developing a harmonious payment landscape with varied options that support one another, thereby promoting an inclusive and convenient payment experience essential for the sector’s advanced development.

China UnionPay has proactively embarked on “Project Excellence 2024” following these guidelines, aiming to enhance payment ease for elderly residents and international visitors in China. The project, set to kick off in Shanghai, will see China UnionPay and industry collaborators investing significantly in upgrading payment terminals and raising awareness in strategic locations and scenarios across the country. Targeting 41 major cities and 26 key scenarios, this initiative seeks to offer a seamless payment experience through a blend of card, QR code, OEM pay products, and cash withdrawals, ensuring a unified development of diverse payment methods.

Zhang Qingsong highlighted the transformative impact of mobile payments in China, acknowledging the emerging challenges, such as the digital divide among the elderly and obstacles faced by foreign visitors. He commended China UnionPay’s swift response to these challenges and emphasized the importance of collaborative efforts to enhance payment convenience. Xie Dong stressed the foundational role of payment systems in the economy and their significance in improving Shanghai’s consumer market and business environment, noting Shanghai’s strategic choice as the project’s starting point.

Dong Junfeng from China UnionPay underscored the collective responsibility to optimize payment services, reflecting on the project’s potential to encourage industry-wide participation in fostering a diverse and inclusive payment ecosystem. The event also showcased China UnionPay’s recent achievements, including partnerships aimed at expanding UnionPay card issuance and enhancing QR payment acceptance, illustrating the company’s commitment to global payment solutions.

This initiative marks a significant step in aligning China UnionPay with national strategies, aiming to offer comprehensive payment solutions that cater to all users, thereby reinforcing China’s position as a leader in the global payment landscape.

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