UnionPay decades of Internationalization yield remarkable success worldwide

Thursday, January 18, 2024

UnionPay, one of the largest global payment brands, is entering a new phase of development as it expands its reach to 183 countries and regions, with over 230 million cards issued outside the Chinese mainland. Having dedicated two decades to internationalization efforts, UnionPay is now poised to offer “Chinese solutions” to the global payment industry.

The journey began on January 18, 2004, when UnionPay initiated card services in Hong Kong, marking the commencement of internationalization for Chinese bank card brands. In 2012, UnionPay International was established to focus on international business. Its strategy evolved from “where Chinese go, UnionPay card services follow” to a broader “global network, international brand” approach.

With recent card services launched in El Salvador, UnionPay’s global acceptance now spans 66.4 million online and in-store merchants outside the Chinese mainland. UnionPay cards have been issued in 81 countries and regions, with collaborations extending to over 2,600 institutions globally.

UnionPay International has actively enhanced its network service capabilities, diversified product offerings, and improved payment scenarios to provide high-quality financial payment services. It has become the preferred choice for Chinese tourists globally, with a ubiquitous presence in various international destinations.

Collaborations in 2023 with tourism bureaus, duty-free groups, travel platforms, and tax refund agencies have further enriched UnionPay’s ecosystem for payments. With support in more than 5,000 overseas schools, top global hotel groups, renowned airlines, and major transportation projects, UnionPay is positioned as a key player in cross-border payments.

The expansion of UnionPay cards outside the Chinese mainland, with over 230 million issued in 81 countries and regions, reflects its commitment to providing quality payment services for overseas visitors. The diverse UnionPay payment products cover multiple functions, making it a preferred payment brand for visitors to China.

UnionPay has actively contributed “Chinese solutions” to the global payment industry by collaborating with central banks, national payment networks, and payment alliances. It has also sought to establish technical standards for payment networks, QR codes, and chip cards.

In response to global industrial development trends, UnionPay International has engaged in collaborations with local networks in 15 countries and regions to promote the interoperability of QR codes. Sixteen projects, including partnerships with PayNet of Malaysia, NAPAS of Vietnam, Bakong of Cambodia, and LAPNet of Laos, have increased the acceptance scope of UnionPay QR codes to 6.5 million merchants in 45 countries and regions, establishing UnionPay as a leading payment product in the Asia-Pacific region.

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