On the 18th of January 2024, UnionPay entered a new phase of advancement following its expansion to 183 countries and regions worldwide and issuing over 230 million cards outside of mainland China. With two decades of dedicated international efforts, UnionPay is well-positioned to offer unique “Chinese solutions” to the global payment industry.
In 2004, UnionPay obtained approval from the People’s Bank of China to commence card services in Hong Kong, marking the initiation of internationalisation by Chinese bank card brands, culminating in establishing UnionPay International in 2012, which exclusively focuses on global business. From the initial strategy of “where Chinese go, UnionPay card services follow,” it has evolved into a comprehensive “global network, international brand,” aligning with China’s commitment to openness and setting high standards in the payment sector.
The recent introduction of UnionPay card services in El Salvador has expanded its global acceptance to encompass 66.4 million online and in-store merchants outside of mainland China. UnionPay cards are now issued in 81 countries and regions, with UnionPay International collaborating with over 2,600 institutions worldwide.
Preferred by Travellers
UnionPay International has actively bolstered its network service capabilities, expanded its range of products, and enhanced payment scenarios to deliver top-tier financial payment services for Chinese and international residents involved in trade and cooperation amidst the rapid evolution of China’s payment industry over the last two decades.
During the New Year holidays, Chinese tourists celebrating across the globe encountered UnionPay’s distinctive three-colour logo everywhere they went, from the bustling streets of Hong Kong and Macao to the merchants in bustling cities like Bangkok, Tokyo, Abu Dhabi and beyond.
According to a report by Nielsen, UnionPay has emerged as the most widely accepted international card brand globally. Since the maiden UnionPay transaction took place in Hong Kong, UnionPay cards have gained acceptance in 183 countries and regions worldwide, with 99 countries and regions supporting UnionPay mobile payment products. The acceptance rates of UnionPay in the Asia-Pacific, Europe, North America, and other regions have risen to approximately 80%.
In Hong Kong and Macao, hundreds of thousands of merchants, millions in South Korea, and nearly all QR code merchants in Malaysia and Sri Lanka now support the UnionPay app.
Building upon practicality, UnionPay International has collaborated extensively across industries to establish a comprehensive ecosystem for UnionPay payments, offering increased convenience and simplicity for cardholders.
In 2023 alone, tourism bureaus in Australia, South Africa, Singapore, Thailand, Saudi Arabia, international duty-free group DFS, travel platform Trip.com, and tax refund agency Planet Tax-Free, among others, have partnered with UnionPay International to enhance its payment capabilities in various scenarios such as hotel bookings, transportation, dining, and shopping.
UnionPay payment services are available in over 5,000 overseas schools, the top 10 global hotel groups, renowned airlines, cross-border transportation such as the China-Laos Railway, and public transportation in popular overseas tourist destinations.
Close cooperation in cross-border payments between commercial banks and UnionPay International offers tailored options for residents. Commercial banks have introduced unique UnionPay card products, such as cross-border cashback cards, Prestige Asia, cards themed in “Tour South Korea”, and more, designed to cater to diverse customer segments. Commercial bank apps can directly utilise UnionPay QR codes in overseas acceptance scenarios integrated with the UnionPay app Network Payment Platform.
UnionPay Global Expansion
Following easing cross-border restrictions, China has successfully hosted major international events such as the Canton Fair and the China International Import Expo. As a result, providing high-quality payment services for foreign visitors in China has become imperative.
UnionPay has issued over 230 million cards in 81 countries and regions outside the Chinese mainland and established 180 UnionPay local wallets in 35 countries and regions. These diverse UnionPay payment products offer a range of functions, including card swiping, scanning, and cash withdrawals, catering to the needs of daily transactions and cross-border payments. This positioning solidifies UnionPay as a preferred payment brand for visitors to China.
The journey commenced with the introduction of UnionPay card acceptance in Hong Kong, where the Bank of China (Hong Kong) issued the first local UnionPay card, marking the localisation of UnionPay International’s business and the inception of efforts to explore payment services for individuals across the globe.
The Guangdong-Hong Kong-Macao Greater Bay Area has issued over 30 million UnionPay cards. In countries and regions participating in the Belt and Road Initiative, the cumulative issuance stands at 170 million cards. UnionPay has emerged as the favoured payment card in countries such as the United Arab Emirates, Kenya, Mongolia, Singapore, and Kazakhstan, embraced by local students, workers, and educators, seamlessly integrating into local life.
These cards are compatible with almost all point-of-sale terminals and scenarios in China, including public transportation, shopping on the Taobao app, booking tickets on travel agency Trip.com, hailing rides on the Didi app, and ordering food through the Meituan app.
Leveraging its experience promoting QR code payments domestically, UnionPay has consistently expanded its mobile payment services to residents outside the Chinese mainland.
In 2018, the Hong Kong-Macao version of the UnionPay app was introduced in Hong Kong. Subsequently, UnionPay International has pioneered cooperation models, offering support for overseas wallets to link UnionPay cards or issue UnionPay virtual cards within their apps, enabling users to utilise familiar local products for payments in China without needing additional account creation or downloading domestic apps. Authentication can be completed through local institutions, eliminating the necessity to provide sensitive personal information to third-party platforms.
Leading Chinese Payment Solution Provider
UnionPay International partners with central banks, national payment networks, and payment alliances worldwide, to set technical standards for payment networks, QR codes, and chip cards. This collaboration aims to introduce more “Chinese solutions” to the global payment industry.
In response to industrial developments, UnionPay International actively pursues new strategies to develop global network advantages in card and mobile payment systems.
Over the past few years, many countries have accelerated the development of local payment networks and promoted interoperability between different networks. Since 2023, UnionPay International has worked with local networks in 15 countries and regions overseas to promote QR code interoperability.
Sixteen projects have been implemented or are in progress, including partnerships with PayNet of Malaysia, NAPAS of Vietnam, Bakong of Cambodia, and LAPNet of Laos. As a result, the acceptance scope of UnionPay QR codes outside the Chinese mainland has expanded to 6.5 million merchants in 45 countries and regions, establishing UnionPay as a payment product with significant advantages in the Asia-Pacific region.