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UnionPay inches ahead of Visa, MasterCard in South Korea

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UnionPay inches ahead of Visa, MasterCard in South Korea

001ec949fb591605c66a0e.jpg
UnionPay banners on a shopping street in Seoul, South Korea. China UnionPay has issued more than 10 million cards in South Korea jointly with local credit card institutions. [Xinhua]


China UnionPay has issued more than 10 million cards in South Korea jointly with local credit card institutions, a figure that makes UnionPay the top foreign card brand in the South Korean market.

According to UnionPay International Co, the international business arm of China UnionPay, transaction volumes using the UnionPay card in South Korea jumped from 17.4 percent of the country's total transactions using foreign cards in the third quarter of 2011 to 59.9 percent in the third quarter of 2014.

UnionPay is overtaking the United States-based card issuers MasterCard Inc and Visa Inc, reported ThinkPool Co Ltd, a provider of independent investment research in South Korea.

The booming volume of transactions in South Korea using UnionPay cards reflects the rise in Chinese visitors and an expansion of the network of merchants accepting the card, said Bomee Sheng, chief representative of UnionPay International's branch in South Korea.

Sheng said the increasing number of cardholders and their "rocketing" purchasing power have given UnionPay more bargaining power when developing overseas network.

"Another reason for our fast growth is that we do not get involved in competition with local market players. We cooperate with local bankcard associations, banks and merchants," said Sheng.

In South Korea, UnionPay International issues cards jointly with BCcard Co Ltd, the country's largest credit card issuer, which has 11 member banks.

UnionPay aims to become an international card issuer that will serve overseas local markets in addition to serving Chinese cardholders, Cai Jianbo, president and CEO of UnionPay International, said recently.

UnionPay international will also help some countries develop their own bankcard payment systems, according to UnionPay International. For example, UnionPay will help build the bankcard payment system in Laos starting in 2015.

Analysts said that as China further opens up the bankcard clearing market in 2015, competition will heat up in the payment sector.

"For financial institutions, payment means much more than just delivering money from one party to another.

"Payment processes actually carry data involving the credit of the cardholders and their consumption habits and purchasing power, and this information can leverage more resources for financial institutions," said Ma Ning, an analyst with the Goldman Sachs Group Inc.

Payments completed through smartphone applications and via the Internet have taken a larger market share than ever.

But traditional payment methods, including swiping bankcards at point-of-sale terminals, remain the mainstream for their safety and convenience, said Yang Minji, a Shanghai-based analyst with Fulun Consultancy.
 
Absolutely wonderful news to see Chinese brands beating Western brands.

Go UnionPay, keep beating Visa and Mastercard in every country.
 
UnionPay inches ahead of Visa, MasterCard in South Korea

001ec949fb591605c66a0e.jpg
UnionPay banners on a shopping street in Seoul, South Korea. China UnionPay has issued more than 10 million cards in South Korea jointly with local credit card institutions. [Xinhua]


China UnionPay has issued more than 10 million cards in South Korea jointly with local credit card institutions, a figure that makes UnionPay the top foreign card brand in the South Korean market.

According to UnionPay International Co, the international business arm of China UnionPay, transaction volumes using the UnionPay card in South Korea jumped from 17.4 percent of the country's total transactions using foreign cards in the third quarter of 2011 to 59.9 percent in the third quarter of 2014.

UnionPay is overtaking the United States-based card issuers MasterCard Inc and Visa Inc, reported ThinkPool Co Ltd, a provider of independent investment research in South Korea.

The booming volume of transactions in South Korea using UnionPay cards reflects the rise in Chinese visitors and an expansion of the network of merchants accepting the card, said Bomee Sheng, chief representative of UnionPay International's branch in South Korea.

Sheng said the increasing number of cardholders and their "rocketing" purchasing power have given UnionPay more bargaining power when developing overseas network.

"Another reason for our fast growth is that we do not get involved in competition with local market players. We cooperate with local bankcard associations, banks and merchants," said Sheng.

In South Korea, UnionPay International issues cards jointly with BCcard Co Ltd, the country's largest credit card issuer, which has 11 member banks.

UnionPay aims to become an international card issuer that will serve overseas local markets in addition to serving Chinese cardholders, Cai Jianbo, president and CEO of UnionPay International, said recently.

UnionPay international will also help some countries develop their own bankcard payment systems, according to UnionPay International. For example, UnionPay will help build the bankcard payment system in Laos starting in 2015.

Analysts said that as China further opens up the bankcard clearing market in 2015, competition will heat up in the payment sector.

"For financial institutions, payment means much more than just delivering money from one party to another.

"Payment processes actually carry data involving the credit of the cardholders and their consumption habits and purchasing power, and this information can leverage more resources for financial institutions," said Ma Ning, an analyst with the Goldman Sachs Group Inc.

Payments completed through smartphone applications and via the Internet have taken a larger market share than ever.

But traditional payment methods, including swiping bankcards at point-of-sale terminals, remain the mainstream for their safety and convenience, said Yang Minji, a Shanghai-based analyst with Fulun Consultancy.
India we have Rupay and it's also on rising soon it will do same unionpay.its great to see we developing countries moving in more indigenously.
 
Absolutely wonderful news to see Chinese brands beating Western brands.

Go UnionPay, keep beating Visa and Mastercard in every country.

UnionPay International Rolls Out Cardholder Special Privileges at 30 Global Tourist Destinations

UnionPay International Rolls Out Cardholder Special Privileges at 30 Global Tourist Destinations -- SHANGHAI, Nov. 28, 2014 /PRNewswire/ --


SHANGHAI, Nov. 28, 2014 /PRNewswire/ -- UnionPay International, the international business arm of China UnionPay, announced onNovember 19 in Shanghai and Sydney it rolled out special privileges for UnionPay cardholders at 20 global tourist cities and 10 resort islands, providing its customers with discounts of up to 15 percent.

The campaign, aimed at upgrading the UnionPay cardholder privilege system, is the third of its kind this year after special offers were presented for using UnionPay cards (card number starting with 62) at 60 international airports' duty free shops and 40 global core business districts.

Cai Jianbo, CEO of UnionPay International, said at the launch event in Sydney that UnionPay International is committed to improving cardholder services while expanding the UnionPay card acceptance network globally.

"The special offers are part of UnionPay International's efforts to optimize card-using supporting system, we have rolled out multiple campaigns that cover global core business districts, duty free shops, tourist cities and resort islands to provide our cardholders better experiences," he said.

Merchants offering special privileges range from the Asia Pacific region, Europe, the US, the Middle East to Africa, among which hot tourist destinations including Gangwon-do in South Korea, Nice in France, Maldives and Bali are joining UnionPay International's special campaign for the first time.

Till the end of February, cardholders can enjoy discounts of up to 15 percent at the 20 tourist cities for using UnionPay cards to pay at hotels, dinning, and tourist attractions and for entertainment and shopping. The discounts for using UnionPay cards at the 10 resort islands are up to 10 percent.

Shanghai is the only Chinese city to be listed in the campaign, offering UnionPay cardholders with discounts of up to 15 percent at some merchants in Xintiandi and Lujiazui.

As the only tourist city to join this event in the southern hemisphere, Sydney is among the cities that provide the best discounts with the most merchants involved. Scenic spots including the Sydney Tower and the Sydney Harbour Bridge and many well-known restaurants are offering discounts of up to 40 percent.

UnionPay International is a subsidiary of China UnionPay focused on the growth and support of UnionPay's global business. The UnionPay card acceptance network has expanded to over 140 countries and regions, and more than 4.5 billion UnionPay cards have been issued in over 30 countries and regions.

银联国际
 
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