Bank of China, China UnionPay to explore blockchain for payment systems

Monday 20 August 2018 10:28 CET | News

Bank of China (BOC) and China UnionPay (CUP) have signed an agreement to explore blockchain technology applications for payment system development.

The two partners will jointly investigate big data and distributed ledger technology deployment in order to improve mobile banking products. Within the initiative, CUP aims to build a unified port for mobile integrated financial services, where cardholders will be able to use a QR code to spend, transfer and trade on a cloud flash payment app.

In addition, BOC will subsequently launch a promotional program of the payment system to provide customers with a “safer, more convenient and more efficient mobile payment service experience”, according to Coin Telegraph.

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Keywords: Bank of China, China UnionPay, blockchain, payments
Countries: World

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