Business Essentials for Professionals


UnionPay Issues Approximately 90 Cards Outside Of Mainland China

UnionPay Issues Approximately 90 Cards Outside Of Mainland China
The total number of UnionPay cards that have been issued by the company outside of mainland China has reached to about 90 million, said UnionPay International, driven by issuance of about 20 million more UnionPay cards in the region in 2017.
It has been a number of years at a stretch that the transactions made by users of UnionPay cards in mainland China has increased steadily while in 2017 itself there was a rise of 40 per cent in the total volume of transactions with these cards year-on-year.
In 2017, there were about 140 million tourists entering into China according to the latest data, propelling the country to become the fourth largest market for inbound tourism. There has been a rise in the number of tourists especially form countries that fall within the Belt and Road project of China in addition to a growth in the over all influx of tourists form the other usual countries. The personnel exchanges between China and the world is being supported by UnionPay though its increased services and privileges as the company increases the scale of its card-issuing process outside of the mainland China region.
With about 25 million UnionPay cards being issued in the markets falling within the ambit of the Beth and Road project, the number of cards issued by the company outside mainland China was about 90 million till the end of 2017. In the markets of Laos, Mongolia and Myanmar, with resect to the number of cards issued, UnionPay has touched the No.1 bankcard brand. In Pakistan, 4.1 million UnionPay cards have been issued in 2017. About 1.3 million UnionPay cards were issued in Russia by more than 10 local banks there.
For tourists from some countries and regions visiting China, the major mode of payment for them has not become UnionPay cards, claims the company. The company further claimed that UnionPay cards are the preferred choice of cards for payment by the users of the cards in the countries and regions falling within the ambit of the Belt and Road project while they were in mainland China. there has been a two-fold increase in the volumes of transactions done by users of the cards from Pakistan while they visited China in 2017 while for those UnionPay card users from Tajikistan and Kazakhstan, there was a 50 per cent rise in the transactions volumes while they were in mainland China.
Merchants in the Chinese mainland had more business opportunities due to transactions by users of UnionPay cardholders belonging to different markets and regions according to the company. Within China in 2017, UnionPay cards were put to use for payments in 31 provinces, municipalities and autonomous regions by global cardholders of the company, it said. Entertainment, catering and accommodation were the areas where the inbound cardholders made use of the cards apart from shopping.
The international attributes of the UnionPay network is reflected to a greater degree by the localization of UnionPay's business outside of mainland China. The number of UnionPay cards that were issued to users belonging to markets outside of mainland China exceeded those that of mainland China-issued UnionPay outside the Chinese mainland in 2017, the company said.

Christopher J. Mitchell

Markets | Companies | M&A | Innovation | People | Management | Lifestyle | World | Misc