China UnionPay, the only interbank network provider on the country's mainland, purchased a 3 percent stake in Hong Kong-based Joint Electronic Teller Services Limited (JETCO), an e-payment provider with a presence in Hong Kong and Macao, the deputy manager of JETCO said on Monday.

According to JETCO, the acquisition will help promote cross-border e-payments between Hong Kong, Macao and the mainland.

This new relationship between JETCO and UnionPay will also greatly improve the efficiency of cross-border bank transfers, according to domestic ATM manufacturers.