Chinese internet firm Sina, with local card issuing bank China UnionPay have joint forces to enhance their internet payment services.
Just before the Chinese Lunar New Year, when shopping and travel are at their peak in China, 2 of the country’s leading payment and technology firms have come together to strengthen their online services. Sina is the entity behind one of China’s most popular social networks Weibo. China UnionPay is the only domestic bank card organization located in China, and because of this UnionPay cards are the most common methods of payment in the country.
Both firms will cooperate on improving their payment products, value-added services, and marketing. Another aspect of the partnership comes with Sina Payments, Sina’s new payment service, joining China UnionPay’s network after being issues a license from The Peoples Bank of China. As a result of Sina joining China UnionPay’s network, UnionPay cardholders who also have accounts with Sina’s social platform Weibo will be able to use Sina’s payment features through China UnionPay ‘s internet and mobile portals.
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Sina’s new payment service spawned from another partnership with Chinese Ecommerce giant Alibaba. Sina integrated Alibaba’s Alipay mobile wallet for in-app purchases for Tmall and Taobao directloy through the Weibo application.
China UnionPay recently partnered with Rêv Worldwide in order to further strengthen its international presence.