The 270 billion yuan Chinese online payment market is about to welcome a new dominant player. Reporters learned yesterday that China UnionPay had already made an important strategic adjustment and listed the promotion of online payment services as one of this year's key tasks.
UnionPay has not yet officially announced this adjustment. However, insiders related to UnionPay told reporters that CHINAPAY (UnionPay Electronic Payment Service Co., Ltd.), UnionPay’s subsidiary specializing in online payment services, has recently been conducting promotional activities in key regions across the country with the assistance of its parent company. Last week, they held a promotional meeting in Beijing where representatives from over 30 merchants including Dangdang.com, NetEase, Wangfujing Department Store, and Air China attended.