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 –
– Detailed insight into its business and geographical presence
– Comprehensive coverage of its products and services
– Comparative assessment with key alternative payment solutions
– Information on its performance, including its revenue model
– The company's important events and milestones.
Scope
– China UnionPay (CUP) is a global bank card scheme established under the approval of the People’s Bank of China and the State Council in March 2002.
– In December 2015, CUP introduced mobile payment solution QuickPass.
– In March 2018, CUP launched UnionPay International Mobile Payment Service, enabling commercial banks, retailers, mobile phone manufacturers, and third-party institutions to accept UnionPay mobile payment solutions outside China.
– Online payments are supported via UnionPay Online Payment (UPOP), an online payment method authorized by UnionPay.
Reasons to Buy
– Gain insights into China UnionPay's business operations, and key events.
– Gain insights into its product portfolio and revenue model.
– Assess the competitive dynamics in the alternative payments industry by comparing its performance against competitors.
Key Players
Table of Contents
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