Opening UnionPay collection means that users open bank accounts to replace charges, including water and electricity bills, credit card repayments and other items with entrusted deductions. After activation, the relevant fees will be deducted at a specific time. If the user has not activated the relevant services, he can call the bank customer service center to verify the transaction status to avoid personal losses.

After opening the UnionPay collection service, users can also close it at any time. When closing, they can choose different closing methods according to the different channels opened by the user. The full name of UnionPay is China UnionPay. Through the UnionPay inter-bank transaction clearing system, banks have achieved interconnection between systems, thereby enabling bank cards to be used across banks, regions and borders.

China UnionPay is based on the merger of 18 bank card information exchange centers, including 85 banks including China Banknote Printing and Minting Corporation, Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank and Bank of Communications. The organization was jointly funded by *** and headquartered in Shanghai. It was established in March 2002.

China UnionPay’s overseas investments include Cross-Border Interbank Payment and Clearing Co., Ltd., Shanghai Digital Certificate Certification Center Co., Ltd., UnionPay Data Services Co., Ltd., Shanghai UnionPay Venture Capital Co., Ltd., and Shanghai Digital Certificate Certification Center Co., Ltd., UnionPay International Co., Ltd., etc.