Under the agreement, the cooperation will cover various sectors such as payment products, value-added services, as well as marketing and promotion. In addition, after obtaining the payment license issued by the Peoples Bank of China, Sinas payment service formally joined China UnionPays network. Sina Weibo users who hold UnionPay cards will be able to use the internet and mobile payment services directly via CUP.
Sina launched the online payment tool SinaPay and upgraded the service into WeiboPay (micro-blogging wallet) in 2012. Every Weibo user automatically has a WeiboPay account.
In recent news, CUP has selected FIME, a French provider of consulting and market integration testing services for smart devices and secure chip-based applications, to develop the testing and certification framework of its new TEEi and N3 TEE standards, which will promote secure mobile payment transactions in China.
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