UnionPay
UnionPay, also known internationally as China UnionPay (CUP or UPI), is a Chinese financial services corporation headquartered in Shanghai. Established on March 26, 2002, UnionPay provides bank card services and operates as a major card scheme in mainland China. It functions under the approval of the People’s Bank of China (PBOC), the nation’s central bank.
UnionPay serves as an electronic funds transfer at point of sale (EFTPOS) network and is the sole interbank network in China, connecting all automatic teller machines (ATMs) across the country. UnionPay cards are accepted in 180 countries and regions worldwide, offering significant global reach.
In 2015, UnionPay surpassed Visa and Mastercard to become the largest card payment processing organization in the world, based on the total value of payments processed (including debit and credit cards). Despite this milestone, only 0.5% of its transaction volume occurred outside of China.
In addition to card services, UnionPay provides mobile and online payment solutions, enhancing its role in the evolving financial services landscape.
Contact Info
- www.unionpayintl.com/en
- Shanghai, China
