Chinese card company UnionPay has joined forces with online media company Sina to upgrade online payments by integrating their products, customers and channels.
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The cooperation between the two companies will cover sectors such as payment products, value-added services, as well as marketing and promotion.
In addition, after obtaining People Bank of China’s licence for online payment services, Sina, the parent company of Chinese social media platform Weibo, has formally joined China UnionPay’s network.
SinaWeibo users who hold UnionPay cards will be able to use the Internet and mobile payment services directly via China UnionPay.
SinaPay, Sina’s online payment tool was upgraded and rebranded as WeiboPay in 2012 and functions as an online wallet linked to payment cards.
This agreement follows China UnionPay’s selection of FIME, a French provider of consulting and market integration testing services for smart devices and secure chip-based applications, in January 2014.
The financial terms of the deal between UnionPay and Sina have not been disclosed.
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