2011-06-23 07:24

BEIJING - China UnionPay, one of the world's largest bank card organizations, said on Wednesday that it has signed an agreement with telecom equipment manufacturer Datang Telecom Technology to jointly develop mobile phone payment services.

According to the agreement, the two companies will establish a research lab to develop mobile phone payment services, create a technical standard for mobile phone payment and expand payment channels.

Su Ning, president of China UnionPay, said the company is striving to provide more convenience and better service to the public by meeting its demand for diversified payment methods.

According to Datang board chairman Zhen Caiji, the agreement will help to further integrate resources possessed by both companies and realize the combination of financial payments and mobile phone technology.