Dalian Wanda Group and China UnionPay have formed a strategic partnership to integrate its offline and online resources.

The partnership states that Wanda group and its partner merchants will gradually fully accept UnionPay QuickPass. On the other hand, UnionPay's subsidiary Shanghai Lianyin Investment Co. Ltd will acquire a stake in Wanda Internet Technology Group and support the development of pioneering technology and the modernization of its services. However, investment value and the proportion of the stake were not disclosed yet. 

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The two companies will create a UnionPay cardholder service system and a variety of applications that will be available at Wanda's various properties such as shopping malls, department stores, supermarkets, and theme parks. UnionPay QuickPass service terminals will be installed at 187 Wanda Plaza shopping malls. The UnionPay QuickPass is letting consumers pay for small-amount purchases by simply waving their smartphone over a reader without a password or signing in.

Moreover, both Dalian Wanda Group and China UnionPay will expand customer service channels together. They would develop joint marketing campaigns and explore the terms of value-added services for clients from both at home and in overseas regions where they offer services too. 

The latest effort from both companies will help them to compete with other payment platforms in the country. It includes Alibaba Group Holding Ltd. affiliate Alipay and Tencent Holdings Ltd.’s WeChat Pay.

“The strategic cooperation with Wanda Group will explore new formats for commercial-financial integration and boost consumption upgrading,” said Ge Huayong, chairman of China UnionPay.

Also, they will develop a business cloud service that will aid in boosting integration between commercial and business services, innovation in payments, application of big data and risk management.

TagsWanda, wanda group, China's UnionPay, Wanda Dalian, UnionPay, mobile payment system, Alibaba, Alipay, Tencent, WeChat Pay