by Welcome Chinese

categories China Market China News Rules & Law Standard

tags china Ge Huayon tourism unionpay unwto 


In September 2015, UnionPay International’s chairman, Ge Huayon, spoke on the 21st UNWTO General Assembly in Columbia. The company keeps strengthening cross-sector cooperation with partners of both domestic and overseas tourism industry. So far, the number of UnionPay cards issued overseas has exceeded 46 million and the target is to rapidly increase the number.

INT. COOPERATION AND NEW PRODUCTS - Currently, UnionPay cards can be used in more than 150 countries and regions. According to Ge, the goal is “being available wherever Chinese tourists go”. The company based in Shanghai stressed the need to follow the surge of Chinese outbound tourism, which China Tourism Academy forecasted to surpass 120 million of travelers by the end of 2015. New payment tools, such as by mobile, are being developed with the main target on the tourism market. According to the People's Bank of China, in Q2 2015 the total value of mobile payments reached €3.7 trillion, with an increase of 445.14% over the same period of the year before.

LEADER OF THE PACK - As of the end of August 2015, UnionPay internet and mobile payment users has exceeded 260 million. According to sources from within the company, UnionPay mobile payments have now access to more than 280 banks. In Q1 2015, total transaction value exceeded €1.7 trillion globally, which also means UnionPay surpassed VISA in transaction value, becoming the biggest card liquidation organization in the world. In terms of the number of issued cards, UnionPay has surpassed VISA as well and leads the market.

China UnionPay is the sole domestic bank card organization in China and operates under the approval of the People's Bank of China.

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Commented by Bill Frankish, 29.08.2017

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