China's state-backed payments processor, UnionPay Co., has begun a mobile payment service in South Korea, marking its first launch of the business outside the mainland China as more Chinese tourists visit South Korea, according to the Shanghai-based company on Thursday.
The Wednesday launch came after UnionPay signed a deal with one of South Korea's largest operators of duty-free shops, Hotel Shilla Co., the Chinese company said in a statement, without providing financial terms of the deal.