China UnionPay – Competitor Profile
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. CUP used to be the sole scheme provider of payment cards in China. According to China’s central bank regulation, all card issuers in the country were required to route yuan-based transactions through CUP’s electronic payment network. However, a new regulation was issued in 2015, paving the way for international card schemes to enter the Chinse market.
Card issuance under the UnionPay brand was initially concentrated in China. To expand its presence globally, UnionPay founded its UnionPay International subsidiary in 2004 to capitalize on rising demand for payment cards among Chinese students studying abroad, as well as international travelers and the overseas Chinese diaspora. UnionPay cards are now issued in 70 countries, while the cards are accepted in 200 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, 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.
CUP continues to focus on increasing its global acceptance network through various partnerships. In September 2021 it partnered with global payment service provider Stripe, allowing Stripe’s merchants in over 30 countries to accept payments from UnionPay card holders.
The report provides information and insights into China UnionPay including –
– Detailed insight into its business
– Comprehensive coverage of its products and services
– Comparative assessment with key alternative payment solutions
– The company's important events and milestones
Scope
– In March 2002 , UnionPay was established by the PBOC and the State Council.
– In December 2015, China Union Pay introduced the QuickPass mobile payment service in collaboration with 20 banks in China.
– In July 2018, China Union Pay partnered with PrivatBank to expand its card acceptance to Ukraine.
– In September 2021,China Union Pay partnered with global payment service provider Stripe, allowing Stripe’s merchants in over 30 countries to accept payments from UnionPay card holders.
Reasons to Buy
– Gain insights into China Union Pay's business operations and key events.
– Gain insights into its product portfolio.
– Assess the competitive dynamics in the alternative payments industry by comparing its performance against competitors.
Key Players
Table of Contents
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