China UnionPay is a well-known Chinese-based payment system. Currently it is active in Asia, Europe the Americas, Africa, and Oceania.
The number of countries where China UnionPay cards are accepted has already reached 169. The main product offered by UnionPay is a universal plastic card that can be used both at home and while travelling.
The story of UnionPay
The company was launched in 2002 as an association of Chinese financial institutions upon the initiative of the National Council and the Chinese financial regulator. The shares of China UnionPay are spread among a vast number of shareholders, including over 200 banks. The largest shareholder owns 6% of the company.
As of early 2018, UnionPay cards accepted in almost 170 countries across the globe. As reported by the company’s administration, this number is set to grow further. The company has a chain of over 1 million ATMs.
The majority of China UnionPay clients live in China, and most of its turnover is due to transactions within China.
In Russia, China Union Pay first started work in fall’2013 under the name UnionPay Ltd. A year later its cards were being issued by such financial institutions as the Russian Standard Bank, Gazprombank, MTS Bank, and LiteBank.
UnionPay – operations and services
UnionPay is actively working on expanding its global network. Presently, its cards offer several popular features.
Apart from the standard option to pay for purchases, users can make an urgent cash withdrawal if they lose their card. To use this feature, a client must find an office of a bank that issues UnionPay cards or call the hotline to file a withdrawal request for up to $5000.
An international money transfer system is also offered by UnionPay. As of mid-2018, it is available to clients in China, the Philippines, Russia, Hong Kong, and several other Asian countries. UnionPay cards can also be used to make tax-free purchases.
UnionPay – special features
Although UnionPay is not as well-known as its competitors, such as Visa, it successfully competes with them in terms of numbers of issued cards. By 2017, over 3.6 billion plastic cards have been issued.
In terms of the total turnover, the Chinese payment system has already outperformed Visa and now occupies the first place globally.
UnionPay focuses, in particular, in clients who travel a lot. There is even a special Tourist Service Center, where UnionPay card holders can order a range of travel services. In China, special lounges exist for UnionPay clients, offering free wifi.
China UnionPay is a fast-developing company with a large international network. It’s been present in Russia since 2013, mostly issuing cards for international use. The company offers a range of additional features, such a cardless cash withdrawals, support service, travel center, tax-free services, and VIP lounges. Moreover, with a UnionPay card you can easily top up your account in the casino Win Rate – and a few seconds later the money will already be in your account! Start playing today to win your first jackpot tomorrow!