The launch event for Explore China Your Way with UnionPay: China UnionPay Payment Service Optimization—Project Excellence 2024 took place in Shanghai on March 15. Local politicians, representatives from the Shanghai municipal authorities, major Chinese commercial banks, acquirers, merchants, overseas regulators, international partners, and other global card companies attended the event.
The State Council has recently issued guidelines to improve payment services in China. These guidelines aim to address challenges in the payment sector and improve a diverse payment service structure that caters to the different payment preferences of various user demographics. This set of guidelines highlights the central government’s commitment to the growth of the payment industry, offering a strategic roadmap for its future development. Creating a payment service framework that supports the growth of different payment methods and promotes an inclusive and convenient payment environment is essential for advancing the payment sector.
China UnionPay has taken proactive measures by introducing Project Excellence 2024 to carry out the instructions in the guidelines. This initiative seeks to actively participate in efforts that improve payment accessibility for elderly individuals and international tourists visiting China. Project Excellence 2024 aims to provide comprehensive solutions for various scenarios nationwide. It will be a collaborative effort, with financial support from industry stakeholders. China UnionPay is taking a leading role in this initiative, dedicating CNY 3 billion to upgrade acceptance terminals, improve signage visibility, and boost promotional efforts, especially in critical urban centres and scenarios.
Simultaneously, with the guidance of sector-specific government bodies, UnionPay will encourage other industry participants to pool their resources. These initiatives will cover 41 important cities nationwide and tackle 26 busy situations in eight major categories: food and beverage, lodging, transportation, tourism, retail, leisure, healthcare, and education. This initiative will drive the simultaneous advancement of mobile, card, and cash payments by offering a comprehensive range of payment solutions, including cards, QR codes, OEM pay products, and cash withdrawals. Project Excellence 2024 is set to begin in Shanghai, showcasing a series of marketing initiatives throughout the year. The theme, ‘Explore China Your Way with UnionPay,’ will bring various benefits, including more discounts, choices, and an overall improved experience.
At the grand ceremony, China UnionPay showcased 29 impressive business achievements, including launching international cards, expanding e-wallet services abroad, and improving card acceptance within China. Notable among these accomplishments were the strategic agreements signed with partners from the Philippines, Australia, and Pakistan, intending to issue a significant three million UnionPay cards.
In addition, UnionPay has expanded its reach to ten leading e-wallet providers, such as AEON in Hong Kong SAR, OCBC in Singapore, and the LPB e-wallet in Vietnam. These providers are now fully capable of processing UnionPay QR payments. This advancement can reach a massive consumer base of around 60 million people. In addition, more than ten well-known online and physical retail establishments, including Meituan, Trip.com, Pinduoduo, JD.com, and Shouqianba, have adopted UnionPay’s international payment solutions.
As part of efforts to improve the overall experience for international visitors to China, UnionPay has announced collaborative agreements with Ctrip Financial Services and China Tourism Group during the event. These partnerships highlight a strong collaboration between the payment and tourism sectors to enhance services for tourists visiting China. These initiatives have been strategically placed at visa centres, airlines, online travel agencies, and a vast network of merchants in prominent locations such as Shanghai, Guangdong, Zhejiang, and Shenzhen.
In addition, around 20 card issuers from various countries, including South Korea, Thailand, and Kazakhstan, plan to provide attractive cashback rewards of up to 12% for customers who use UnionPay cards in China. Furthermore, UnionPay’s Travel Mate Asia, a card representing popular destinations within China’s mainland, is scheduled for an upgrade. The upcoming series of card issuance programs will offer a broader range of destinations, along with improved benefits, ensuring a more fulfilling travel experience for cardholders.