OREANDA-NEWS. January 16, 2015. Agricultural Bank of China Limited (ABC) successfully organized marketing event for innovative bank card payment products in Shanghai. During the event, mobile payment, transcoding payment, bar code payment and many other innovative payment products made their presence.

It impressed nearly 100 cooperative partners and media representatives present with fresh experience. This event showcased ABC’s determination in creating better consumption payment environment and propelling national consumption upgrading.

On October 29, Executive Meeting of the State Council clearly stated that consumption was an important “engine” for economic growth and there lies great potential for development of the country. It also called for promoting innovative development of domestic bank card market and payment market, enhancing modern service industry and improving consumption environment.

As a state-owned commercial bank, ABC echoed the country’s call for financial innovation, making full use of the internet and new technology to promote all-round innovation in bank card payment channels, services and functions, targeting at urban and county markets as well as merchants and cardholders. Cai Huaxiang, Vice President of ABC, said “it is obligatory duties for ABC to implement the strategy for bank card payment innovation, improve the payment environment, facilitate household consumption, help national consumption upgrading and drive domestic demands to propel real economy development”. ”

According to the retail banking director of ABC, the mobile payment introduced at the promotion event enables immediate consumption settlement via smartphone terminals and wireless internet technology. The transacoding payment reduces risks in online consumptions by real-time application for virtual credit card number. The fashionable and convenient bar code payment effectively improves payment efficiency.

Mobile POS takes mobile phones as terminals, reducing payment cost and optimizing bank card use environment. POS loan provides financing for small and micro enterprises to solve their problems in capital turnover. A series of innovative products introduced this time provide faster and safer payment experience for corporate development and consumers’ daily life. In addition to the innovative products, ABC has designed “efficient, valuable and safe” payment & settlement plans for merchants in various industries, including catering, hotels, department stores and supermarkets. This will enhance the payment efficiency of bank cards and payment experience of customers to a large extent and satisfy merchants’ demand for modern development that integrates capital, information, logistics and services.

With the rapid development of technologies in internet and mobile telecommunication, bank card payment industry changes quickly, and all kinds of new payment modes and tools are emerging. Bank card payment is closely related with daily life of common people. The improvement in payment efficiency and safety plays a vital role in enhancing consumption efficiency. As a major comprehensive financial service provider in China, ABC will fulfill its social responsibilities actively and innovatively. Relying on the comprehensive business portfolios, vast distribution network and advanced technology platform, it will play a positive role in facilitating consumer payment, reducing commercial circulation cost, increasing household consumption, improving financial service environment and serving the real economy.