China Merchants Bank and TCL Group have signed a cooperative agreement to launch the "Piao Ju Tong" (All In One Billing) service in China.

Piao Ju Tong is a new type of payment settlement tool initiated by China Merchants Bank to help solve problems occurrikng during the billing cycle.

Last week, the first electronic bill worth CNY7.03 million was issued by TCL and signed successfully via China Merchants Bank's Piao Ju Tong service.

This new service symbolizes the acceptance of money orders at traditional Chinese banks.