Arab Today, arab today china unionpay expanding global presence
Last Updated : GMT 11:11:33
Arab Today, arab today
Arab Today, arab today

China UnionPay expanding global presence

Arab Today, arab today

Arab Today, arab today China UnionPay expanding global presence

China UnionPay
Shanghai - XINHUA

From high-street Harrods in London to the hectic duty-free shops in Singapore's airport, China's largest bank card payment processor Unionpay becomes a global necessity for businesses catering to international clients.

With swipes of UnionPay cards, travelers around the world can book hotel rooms, shop for souvenirs, dine in restaurants and even pay taxi fares.

"China's economic development has brought fresh opportunities for the global payment industry, and China has become the most potential and the fastest-growing payment industry power," China UnionPay Chairman Ge Huayong said to Xinhua.

By the end of 2014, the total value of transactions via UnionPay bank cards hit 41 trillion yuan (6.7 trillion U.S. dollars), while the figure for 2001 was just 91.7 billion yuan.

The Shanghai-based UnionPay was established in 2002 as a bank card association with 400 domestic and overseas associate members. It has been extending its international acceptance network ever since.

UnionPay's services covered 150 countries and regions outside China at the end of 2014, with more than 26 million businesses and 1.8 million ATMs accepting UnionPay.

UnionPay now occupies the world's third-largest market share of credit and debit transactions, after the U.S.-based Visa and MasterCard.

Ge contributed the company's rapid global presence to the booming purchasing power of outbound Chinese travelers, more Chinese companies' going global and the company's service-oriented open platform.

Chinese travellers spent a lot during the lunar new year holidays with the number of UnionPay overseas transactions from Feb. 18 to 24 rising nearly 50 percent year on year.

In Japan, Chinese tourists used UnionPay in spending 60 billion yen (495 million U.S. dollars) in February alone, with a year-on-year rise of 250 percent.

"With China being the world's second largest outbound tourism market, UnionPay becomes the preferred payment service provider for Chinese tourists travelling abroad," said Cai Jianbo, CEO of UnionPay International, a subsidiary of China UnionPay.

It also actively promotes issuance of UnionPay standard cards overseas, providing payment convenience for foreigners in their work, travel and study in China.

Part of UnionPay's success abroad is the efforts to make sure all partners, card holders and merchants could benefit, Cai said.

UnionPay has launched marketing campaigns to offer cross-border travelers and card holders a wide range of privileges and discounts at the world's top 60 airport duty-free shops, 40 commercial districts and 20 tourist attractions.

Widespread recognition of UnionPay cards has accelerated the internationalization of the Renminbi. The bigger role China plays in regional and world economic development attracts more foreign card holders, Ge said.

Regarding competition with Visa and MasterCard on the global stage, Ge said the company will continue to provide discount promotions and improve services in South Asian countries while expanding the acceptance network of UnionPay cards in Europe and the U.S.

He said the company's future plan is to introduce more applications and serve as a gateway to retailers with online shopping platforms, and may jointly offer applications with developers of smart devices, such as "mobile payment" and "phone pockets" to facilitate cross-border transactions.

"As the world's second largest economy, China should have its own international payment system to match its status," Ge said. "UnionPay is expanding its global networks."

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today china unionpay expanding global presence Arab Today, arab today china unionpay expanding global presence

 



Arab Today, arab today
Arab Today, arab today Mohamed Bahari prepares new collection for spring 2017

GMT 06:15 2017 Monday ,27 February

Mohamed Bahari prepares new collection for spring 2017
Arab Today, arab today As Olympics loom, China plunges into snow biz

GMT 10:08 2017 Tuesday ,28 February

As Olympics loom, China plunges into snow biz
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today UN envoy sets out framework

GMT 07:25 2017 Monday ,27 February

UN envoy sets out framework
Arab Today, arab today Kalam Nawaem made a difference in social issues

GMT 06:43 2017 Tuesday ,28 February

Kalam Nawaem made a difference in social issues
View News in Arabic - Business: أخبار الشركات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Parliament considers solutions to overpopulation

GMT 20:27 2017 Monday ,27 February

Parliament considers solutions to overpopulation
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Aspires present the story of Egypt’s first president

GMT 06:18 2017 Sunday ,26 February

Aspires present the story of Egypt’s first president
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 06:42 2017 Saturday ,25 February

Reasons for the delay 'On the Stairs of Servants'

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 10:51 2017 Saturday ,25 February

Pigs with edited genes show resistance

GMT 18:28 2017 Saturday ,25 February

Tourist guide explains types of tourism

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 06:28 2017 Tuesday ,28 February

Dumbphones survive rise of the smartphone

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday