Payments are the pioneers of digital finance

Unbounded Card also hopes to merge bank accounts in the main body of the payment system.The guests who attended the china unionpay card release of Unbounded C...

Mar 11,2022 | Joyce

"Unbounded Card" also hopes to merge bank accounts in the main body of the payment system.

The guests who attended the china unionpay card release of "Unbounded Card" can also be described as a huge lineup. Fan, the first-level inspector of the Payment and Settlement Department of the People's Bank of China, Shao Fujun, Secretary of the Party Leadership Group and Chairman of China UnionPay, Cai Jianbo, Executive Vice President of China UnionPay, Hu, Executive Vice President of China UnionPay, and related leaders of several commercial banks attended the launching ceremony. This is enough to show that the central bank executives and UnionPay executives attach great importance to this.

In the words of Fan Shuangwen, the first-level inspector of the Payment and Settlement Department of the People's Bank of China, payment is the comprehensive entrance and basic theoretical support for the business of financial enterprises.

Now, more and more people in the industry have realized that payment is the foundation of digital financial business. Only by developing the payment business well can we accumulate customer data and better provide customers with digital financial services. From this perspective, payment is no longer an optional marginal banking business, but has become an important starting point for the digital transformation of financial institutions.

Banks today are not without customers or data. For example, the salary flow and social security data of ordinary customers are in the bank, which is valuable for digital finance, but the bank lacks the interface and way to interact with the user.

The frequency of payment is the easiest to play this role, so people say the payer gets the finance, but the payment also needs to be paid on the spot, so people say the payment is made on the spot, and finally, the financial institution needs a form of payment that is closer to the customer, which must be based on Customer value, solve customer problems.

Adhering to the concept of "payment services for the people", UnionPay Borderless Card has won the recognition and support of China's financial management institutions. 17 national enterprise commercial development banks, some regional international banks and Internet company banks such as Jiangsu People's Bank and WeBank will join the first batch of national pilot projects in the world. From now on, cardholders can apply for cards one after another through the UnionPay Unbounded Card Zone of the UnionPay APP and the Commercial Investment Bank APP, and teachers who apply for teachers through the UnionPay APP can also enjoy instant digital gift certificates for supermarkets. Carrefour, FamilyMart and other supermarkets and convenience stores can deduct project cash when shopping.

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