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China's UnionPay, Wanda Group to tie up in mobile payment system

Race to promote smartphone-based payment services heats up

BEIJING -- Financial services provider China UnionPay said Thursday that it will partner with major property developer Dalian Wanda Group in smartphone-based payment service.

With the deal, terminals for the UnionPay QuickPass service will be installed at 187 Wanda Plaza shopping malls, as well as hotels and movie theaters. The company, known for its card payment network, is also expected to take a stake in a Wanda internet subsidiary.

UnionPay QuickPass allows consumers to pay for small-amount purchases by simply waving their smartphone over a reader. Neither password nor signature is required.

UnionPay hopes that the tie-up will help it catch up with rivals Alibaba Group Holding and Tencent Holdings.

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