Recently, the People’s Bank of China issued the “Notice on Regulating Collection Services” , which aims to standardize the operation of collection services and safeguard the legitimate rights and interests of consumers. The notice clearly stipulates that collection services must be carried out on the premise of a tripartite contract between the cardholder, merchant, and issuing bank, and also provide a deduction channel for information exchange between banks and small loan merchants.

Against this backdrop, China UnionPay has launched a collection service platform for small loan repayment scenarios. This platform ensures the rights and interests of both parties to the transaction through the signing of contracts between the cardholder, merchant, and issuing bank. At the same time, the platform also provides a deduction channel for information exchange between banks and small loan merchants, facilitating quick and convenient operations for consumers when making repayments.

The platform developed by UnionPay for China Postal Savings officially launched in October 2021, marking the close deployment of UnionPay in the field of collection services. This move aims to promote the standardized and orderly development of collection services, enhance the user experience for consumers and merchants, and create a better environment and atmosphere for financial innovation and digital transformation.