BC Card (CEO and President Lee Mun-hwan, www.bccard.com) and UnionPay (UPI) revealed on the 8th that a MOU was signed in order to reinforce digital payment competence.

In the MOU signing ceremony held in UnionPay headquarters in Shanghai, China on the 7th afternoon, Cai Jianbo, CEO of UPI, Seong Bo Mi, director of merchandise division and Park Mi Ryeong, general manager of Northeast Asia region participated from UnionPay and Lee Moon Hwan, CEO, Lee Gang Hyeok, director of business infrastructure division (vice-president), Lim Nam Hoon, head of global business division and Lee Myeong Ho, director Shanghai Branch participated from BC Card.

Through this MOU, both companies plan to support convenient payment life to customers by providing new payment method using new technology such as QR code payment other than the existing plastic cards. QR code payment is a digital payment service that is expanding rapidly in global market such as China due to its safety and convenience.

Previously, UnionPay launched Near Field Communication(NFC)-based non-contact mobile QuickPass and is servicing the global market including Korea. Mobile QuickPass is compatible with UnionPay chip card, smart phone and wearable devices.

Both companies have also agreed to expand digital payment infrastructure and implement joint marketing. As BC would be able to provide convenient payment method to global customers from China and others, it expects to contribute to the increase in sales of domestic affiliate stores and the activation of commercial supremacy.

In fact, many users are already using the total digital payment service, UnionPay Wallet ‘Mobile Quick Pass’. According to UnionPay, members have reached 68 million as of April 2018 and more than 80 million downloads have been made. ‘Mobile QuickPass’ means quick payment.

Lee Moon Hwan, CEO of BC Card stated that “This MOU will be an opportunity for both companies to reinforce collaboration in the field of new technology payment such as Mobile QuickPass and QR payment based on cooperation in the existing plastic” and that “By reinforcing the collaboration system further, BC and UnionPay will make a successful digital payment case in the global market”