China Unionpay announced on Friday that it will invest 3 billion yuan (about 422.5 million U.S. dollars) to facilitate improvement of offline payment services.

The Chinese financial services corporation, through its "Jinxiu Action 2024" initiative officially launched in Shanghai on Friday, will use the investment to transform payment terminals in key cities and key scenarios.

Meanwhile, it will leverage resources from various sectors of the payment industry to cover 41 key cities nationwide and 26 high-frequency payment scenarios across 8 categories. By providing comprehensive payment solutions such as card swiping, QR code scanning, and ATM withdrawals, it will promote the parallel development and mutual supplementation of mobile payments, bank cards, cash, and other payment methods.