UnionPay International recently launched Project Excellence 2024, aiming at optimizing payment services in China. The project will focus on enhancing payment convenience for senior citizens and international visitors, covering key cities and high-frequency use cases in various sectors. UnionPay will invest CNY 3 billion in acceptance terminal upgrades, signage placement, and marketing campaigns in Shanghai as a first step.
The State Council guidelines emphasize the importance of developing a multi-layered and diversified payment service system, tailored to different user preferences. China UnionPay’s initiative aligns with these guidelines, with the goal of promoting parallel and complementary development of mobile, card, and cash payments. Project Excellence 2024 will provide comprehensive solutions, including cards, QR codes, OEM pay products, and cash withdrawal options, to improve the overall payment experience.
During the launch ceremony, key officials from the PBOC and Shanghai government lauded UnionPay’s swift action in supporting the initiative and encouraged other industry players to collaborate. The focus is on bridging the digital divide for the elderly population and enhancing payment convenience for international visitors to China. Project Excellence aims to create a more inclusive and convenient payment environment while contributing to China’s high-standard opening up and optimized business environment.
As part of the project, UnionPay also announced several business achievements, including partnerships with international issuers and merchants to expand acceptance and enhance cross-border payment services. Themed marketing campaigns targeting inbound travelers have been launched in collaboration with industry partners, offering enhanced benefits for UnionPay cardholders in China.
Looking ahead, China UnionPay will continue to work with industry stakeholders to drive the implementation of Project Excellence, with a focus on achieving substantial progress in key cities and use cases. The goal is to create a seamless and inclusive payment ecosystem that benefits all users, including senior citizens and international visitors.
Source: UnionPay International
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