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. It is the sole scheme provider of payment cards in China. According to Chinese central bank regulations, 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, with a limited presence in overseas markets. 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 48 countries, they are accepted in 168 countries globally, supported by CUP’s collaboration with international banks and payment service providers including HSBC, Citibank, Standard Chartered Bank, Discover, JCB, Bank of New Zealand, PayPal, and Bank of Hawaii.
The report provides information and insights into alternative payment solution 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
- 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.
- All card payments in China are processed through the UnionPay network.
- In December 2015, CUP introduced mobile payment solution QuickPass.
- Online payments are supported via UnionPay Online Payment (UPOP), an online payment method authorized by UnionPay.
- 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.
- Geographical Presence
- Historic Milestones
- Performance Highlights
- Products and Services
- Significant Events
- Supporting Banks and Financial Institutions Globally
- Supporting Merchants in China