Decades of internationalization pays off as UnionPay recognized across world

18.01.2024 - 08:31 / breakingtravelnews.com

UnionPay, one of the world’s largest payment brands, is embracing a new chapter of development after its global acceptance scope spanned 183 countries and regions and issuance outside the Chinese mainland surpassed 230 million cards recently.
Thanks to its 20 years of internationalization efforts, it can contribute more “Chinese solutions” to the global payment industry.

On Jan 18, 2004, with approval from the People’s Bank of China, UnionPay launched card services in Hong Kong, marking the beginning of the internationalization efforts made by Chinese bank card brands.

In 2012, UnionPay International, dedicated to international business, was established. Its international strategy evolved from “where Chinese go, UnionPay card services follow” to a more comprehensive “global network, international brand,” aiming to better serve China’s resolve to open wider and to set a high standard in the payment sector.

With the recent initiation of UnionPay card services in El Salvador, its global acceptance scope now covers 66.4 million online and in-store merchants outside of the Chinese mainland. UnionPay cards have been issued in 81 countries and regions outside the Chinese mainland. Currently, UnionPay International has cooperated with more than 2,600 institutions globally.

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As China’s payment industry has rapidly evolved over the past two decades, UnionPay International has actively enhanced its network service capabilities, diversified product offerings, and improved payment scenarios to provide high-quality financial payment services for both Chinese and international residents engaged in trade and cooperation.

During the New Year holidays, Chinese tourists celebrating globally found UnionPay’s distinctive three-color logo ubiquitously present, whether in the streets of Hong Kong and Macao or at merchants in Bangkok, Tokyo, Abu Dhabi and beyond.

According to a Nielsen report, UnionPay has become the most widely accepted international card brand globally. Since the first UnionPay transaction landed in Hong Kong, UnionPay cards have been accepted in 183 countries and regions around the world, among which 99 countries and regions support UnionPay mobile payment products. UnionPay acceptance rates in the Asia-Pacific, Europe, North America, and other regions have increased to approximately 80 percent.

In China’s Hong Kong and Macao, hundreds of thousands of merchants, millions in South Korea, and almost all QR code merchants in Malaysia and Sri Lanka support the UnionPay app.

Building on the foundation of practicality, UnionPay International has collaborated extensively across industries to create a rich ecosystem for UnionPay payments, giving cardholders more convenience