Payment Company Profile: China UnionPay
China UnionPay (CUP) is a global bank card scheme established under the approval of the People’s Bank of China (PBOC) and the State Council in March 2002. It is the sole scheme provider of payment cards in China. According to Chinese central bank regulation, all card issuers in the country are required to route yuan-based transactions through CUP’s electronic payment network.
Card issuance under the UnionPay brand is mostly concentrated in China. UnionPay founded its UnionPay International subsidiary in 2004 to capitalize on rising demand for payment cards among Chinese students studying abroad, international travelers, and the overseas Chinese diaspora.
While issuance of UnionPay cards is limited to 52 countries, the cards are accepted in 174 countries globally. They are supported by CUP’s collaboration with international banks and payment service providers such as HSBC, Barclays, Standard Chartered Bank, United Overseas Bank (UOB), Russian Standard Bank, Bank of New Zealand, PayPal, and Halyk Bank.
In addition to card issuance and payment card processing, CUP offers the QuickPass mobile payment service, enabling consumers to pay with their smartphone at contactless point of sale (POS) terminals. It also offers a QR-code payment service, enabling users to make payments by scanning the UnionPay QR code displayed at merchant stores. Users can also make in-app and online payments.
The report provides information and insights into payment company profile China UnionPay, including -
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook