In March 2018, Huifu Payment signed a framework agreement on cooperation with China UnionPay. The two sides will bring into play their respective advantages in business cooperation, marketing promotion, and technology innovation, to build an industrial ecosystem based on UnionPay card and other burgeoning payment products.
Payment Products Inject Fuel for the Development of New Economy
As the new economy flourishes, the service industry and other tertiary industries are facing digital and mobile transformation opportunities, which make the convenient mobile payment solutions and value-added services the indispensable driver for the new economic patterns.
Dedicated to aviation travel, fund, online lending, logistics, comprehensive health, education, vertical e-commerce and cross-border e-commerce and other industries for many years, Huifu Payment has formed deeply customized and highly data-based industry payment solutions. Meanwhile, relying on artificial intelligence, biometrics and other cutting-edge technological applications, Huifu Payment has provided seamless, convenient and safe payment services for millions of micro and small businesses.
Through cooperation, Huifu Payment will help upgrade and optimize UnionPay's "Quick Pass" and other payment products, to meet the needs relating to "clothing, food, housing, transportation, and learning" and other industry needs to enhance consumer experience.
Meanwhile, the two sides will cooperate to promote convenient mobile payment demonstration project, and enhance cooperation in the field of convenient mobile payment. This measure will not only help implement the central bank's requirements for deepening the construction of inclusive finance infrastructure, but also further enrich the application scenario of their payment services, enhance service viscosity, and inject new impetus for joint development.
Joint Technology R&D Enables Payment
Science and technology serve as the driving force for the payment industry, and the R&D capability for self-developed technology has become the core competitiveness of financial technology enterprises. Through cooperation with UnionPay, Huifu Payment will build a joint research and development mechanism of cutting-edge technology and financial technology, and deepen its exploration in mobile Internet, artificial intelligence, big data, block chain, and other financial technology fields, strengthen the application ability of cutting-edge technology in biometrics authentication, transaction risk identification, profiling of merchants and cardholders, behavior analysis and demand tapping, business management tools, targeted marketing, risk model, customer management, and so on.
In the future, these achievements will not only enhance the security and convenience of their payment products and solutions, but also become powerful means to serve the new economy, provide inclusive finance services, and enhance the digitization and mobility of industry services.
Cross-border Payments Run through "Belt and Road" Countries
Huifu Payment will actively seek cooperation with UnionPay to establish its presence in overseas markets, promote innovative mobile payment products, and help services, technology and standards of China's mobile payment industry "go global". China's payment and financial technology industry is embracing unprecedented opportunities, and thus Huifu Payment will seize the cooperation opportunity.