China UnionPay Launches Japanese Online Payment Business

Bank card network operator China UnionPay has launched a business for online purchases of Japanese goods through a partnership with Sumitomo Mitsui Banking Corporation (SMBC). The business allows users of China UnionPay's secure payment system to purchase products from an online shopping mall (www.buy-j.com), which will initially host around 100 Japanese retailers with more than 10,000 products. The mall will be operated by Japan's SBI VeriTrans Co. Ltd and is scheduled to go online before China's Spring Festival.

Seven China UnionPay member banks offer China UnionPay's secure payment system, including China Minsheng Banking (600016.SH), Hua Xia Bank (600015.SH) and China CITIC Bank (601998.SH, 998.HK). China UnionPay card holders could make purchases in 30 countries and regions by 2008.