Center

UnionPay plans for world expansion

By Maggie Zhang (Shanghai Daily)
Updated: 2007-01-25 09:38

China UnionPay Co expects double-digit growth on its overseas card-based transactions this year as more Chinese travel overseas.

Bankcard-based transactions topped 25.5 billion yuan (US$3.19 billion) last year in overseas markets, nearly double the level of a year ago.

China UnionPay Co expects double-digit growth on its overseas card-based transactions this year as more Chinese travel overseas.[Newsphoto]

"The growth this year may slow from that of 2006, as the base for 2006 is quite big, but the rising momentum will continue as more Chinese go overseas with bankcards as their main payment vehicles," said Huang Xinghai, vice president of UnionPay's international division.

The country's sole bankcard operation system has entered 24 countries and regions, includingHong Kong, Germany, the United States and Japan.

At the end of 2006, 58,074 overseas merchants accepted UnionPay cards, whether debit or credit cards, at 85,038 point-of-sale outlets and 298,829 automatic teller machines.

Shanghai-based UnionPay plans to expand into five or six more countries this year, including the United Kingdom and Egypt.

"The tie between China and Africa is strengthening," Huang said. "We will expand into the markets amid the trend."

UnionPay is vying with overseas rivals like Visa International and MasterCard International to gain more market share.