Will UnionPay Hold Up With Blockchain Technology Too?

Steve Anderrson
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain. Join the official channel of thecoinrepublic, For the latest news updates: https://t.me/thecoinrepublic
Will UnionPay Hold Up With Blockchain Technology Too?
  • UnionPay payment products launched in more than 1,600 places in China.
  • China UnionPay also launched a Blockchain Service Network (BSN) at the UN Information Center, Mobile Communications Corporation.
  • Bank Of China (BOC) partnered with China UnionPay to collaborate on exploring blockchain technology-based digital payment systems.

The financial transactions report for 2019 published by UnionPay on 19 January showed 189.4 trillion yuan ($27.5 trillion) in transaction amount, an increase of about 54% compared to the previous year.

The Chinese banking company now 56 million merchants and serves in 178 countries. In China, UnionPay payment products launched in more than 1,600 places.

The report also shows that the financial institution has a strong foothold offshore, as 130 million payment cards issued have been overseas. China UnionPay launched face-brush payment products that allowed users to use face-bruh authentication and a transaction password to run transactions.

They have also actively promoted their mobile payments service that they have developed in partnership with Tencent Holdings Ltd., one of the largest technology firms in China.

China UnionPay also launched a Blockchain Service Network (BSN) at the UN Information Center, Mobile Communications Corporation, and many other points to build a national blockchain-based service infrastructure platform within the existing public networks and institutions.

The BSN focuses on covering mobile payments, and 580 institutions have authorized it. Back in August 2019, the Bank Of China (BOC) partnered with China UnionPay to collaborate on exploring blockchain technology-based digital payment systems and developing such a system.

They hoped to look into distributed ledger technology development to form the next level of innovation for mobile banking. This concern into blockchains came after the market demanded the need for more reliable and secure backing for the mobile payments system.

The BSN is a result of the joint work that was put together by the BOC and UnionPay, and it will hopefully form a strong foundation for mobile payments and digital payments in general. It will set an example for other countries to follow suit and adopt similar tech into their financial infrastructure.

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