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ICBC Upgrades Aggregated Payment Platform to Support Resident Consumption

In order to meet consumers’ demands for financial services in the internet era, ICBC announced, in the Merchants Partnership Conference convened on March 22nd in Hangzhou, that it would comprehensively upgrade the aggregated payment platform - e-payment 2.0 - to build a consumer finance ecosystem with customers and merchants as its core, and by integrating online and offline services. This move can build a safer and more convenient financial service environment to facilitate the upgrade of resident consumption.

Sources from ICBC introduced that people’s consumption and payment habits are increasingly diversifying with rapid changes in the payment method and consumption scenario. To best facilitate applications for both merchants and customers, ICBC has added and improved the aggregated functions on the existing open acquiring and payment platform, which can accept multiple third-party payments such as WeChat payment and Alipay, and also support UnionPay-standard QR code in APPs of all banks. The initiative can not only facilitate individual customers to choose payment methods in accordance with personal preferences, but also unify the reconciliation portal for merchants, whose routine operations can be greatly streamlined. In addition, ICBC’s acquiring and payment service offers security guarantee at the bank’s level. By adopting the state-of-the-art technology, real card numbers will be hidden under variation processing during payment. As a result, transaction and information security of customers can be protected. At present, integrated payment platform - e-payment 2.0 - has fully covered mass consumption scenarios in shopping malls, supermarkets, buses, subways, college dining rooms and food markets, benefiting more than 1 billion users.