If you're not from China, then the name UnionPay most likely isn’t familiar to you either. However, it's an ever growing payment solution that's gaining popularity day by day. This may of course have to do with the fact that until 2015 China only allowed UnionPay to clear credit and debit card payments. After that, World Trade Organization stepped in and ruled China to open its market to foreign companies as well. Nevertheless, some reports even suggest that UnionPay's global market share is bigger than their main rivals’ Visa and MasterCard. That in mind, let's take a look at how it works. T&C's apply to all bonus offers on this site. Click for a list of all banking methods.
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How It Works?
If you know what Visa and MasterCard is, then the concept of UnionPay shouldn't be hard to grasp. It's essentially a bankcard association, established under the approval of the State Council and People's Bank of China. Much like Visa and MasterCard, UnionPay provides financial institutions with their branded products that can be used for payments. To put it simply, they are the middle man who does all the processing and gathers everyone under one flag in order to make it easier for the customer. So all the end-user has to do is get a UnionPay card from their local bank and purchase goods and services from a merchant that accepts UnionPay.
Since we've already compared Visa and MasterCard with UnionPay, let's continue that trend and see how they compare when it comes to security. First of all, all the features you'd expect on the card are there, including your credit card number, expiration date and CVN2 number. So as with MasterCard and Visa, you should keep them to yourself and shop only in the places you trust. Since UnionPay is more like a brand and not the merchant, it’s the bank where the security features matter the most.
UnionPay doesn't have fees or rates for customers, that's the issuing bank’s business. Speaking of banks that issue UnionPay cards, besides Chinese banks, some well-known international ones are also in the mix, including Citibank and HSBC. This also means you can use their ATMs with UnionPay cards as well. They've also extended their partnership programme overseas, including some well-known corporations like AT&T, Four Seasons and Regent Hotel, just to name a few. And of course, a variety of UnionPay casinos are also available and on the rise.
UnionPay is a 2002 established bankcard association that’s headquartered in Shanghai and quickly expanding to all parts of the world. It’s widely used in Hong Kong, Macao and Singapore, as well as Japan and Korea.
Click to visit UnionPay website.
Posted by CCJ Team