China Unionpay, a national bank card association, and Ping An Insurance (Group) Co. signed a strategic cooperation agreement on Friday to increase their influence in each other's industries.

The two companies have launched cooperation in premium collections, issuance of Unionpay cards, as well as credit card payments.

Su Ning, president of China Unionpay, said the two companies have a sound basis for cooperation. The establishment of the strategic partnership marked a new beginning for their relations, which would bring more mutually advantageous opportunities for each other and drive them to provide better services for customers, such as exploring new methods of payment.

Ping An President Ma Mingzhe said the new partnership would further promote the use of Unionpay cards in Ping An's businesses, create new sales models and efficient cash flow templates for Ping An and raise Ping An's competitiveness.