China UnionPay

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The company's logo

China UnionPay ( Chinese  中国 银联 ), also known as UnionPay ( Chinese  银联 ) or the abbreviation CUP , is the only credit card organization in the People's Republic of China . The organization was founded in March 2002 and is an association of card-issuing banks in China under the supervision of the Chinese Central Bank .

history

China UnionPay was founded on March 26th, 2002 in Shanghai by the Chinese central bank. The banks involved were the Industrial and Commercial Bank of China (ICBC), the Agricultural Bank of China (ABC), the Bank of China (BOC) and the China Construction Bank (CCB). CUP was the successor to the Golden Card Project , which was started in 1993. Since the end of 2005, CUP can also be used for payments abroad. By August 2014, the company had issued 2.3 billion credit cards in 14 countries.

As of 2015, foreign cash withdrawals for UnionPay cardholders have been limited to 100,000 yuan annually by the Chinese state foreign exchange office .

In order to strengthen its presence on the European market, UnionPay entered into a sales cooperation with Concardis at the end of 2017 .

In December 2017, China UnionPay launched Mobile QuickPass, an app for mobile payments, with over 30 Chinese financial companies . In January 2020, the online payment service PayPal announced its cooperation with China UnionPay.

acceptance

Sign at the point of sale

Outside of China, the credit card can be used at many ATMs . CUP seeks to develop relationships with banks in North America , Western Europe and Asia . In summer 2018, UnionPay could be used in 170 regions and countries at 25 million merchants and 1.7 million ATMs. These included 69 international airlines.

In Germany, the card is accepted at over 30,000 retailers, including Kaufhof , Karstadt , Bucherer , Christ , Douglas , Swarovski , Louis Vuitton and Hermès .

Contactless payment

Newer UnionPay cards support contactless payment (under the brand name QuickPass). Similar to girogo (and unlike MasterCard PayPass or Visa payWave), this is an additional credit function on the card. Contactless payments do not access the actual card account. In January 2018, the global expansion of the mobile payment service Huawei Pay was announced together with Huawei . The service is to be launched in Russia as the first country outside of China , as 85% of POS terminals and ATMs there already accept China UnionPay cards and Russian banks have already issued over 1.3 million UnionPay bank cards.

Member banks

swell

  1. ↑ Remarks by Mr. Dai Xianglong, Governor of the PBCat the Opening Ceremony of China Unionpay－ 中国人民银行. (No longer available online.) March 26, 2002, archived from the original on October 30, 2014 ; accessed on October 10, 2017 . Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. @1@ 2Template: Webachiv / IABot / www.pbc.gov.cn
  2. ^ Zhang Lihong: China UnionPay extends coverage globally. Central People's Government of the People's Republic of China, February 4, 2006, accessed October 20, 2017 .
  3. ↑ Payment in e-commerce. In: iBusiness Dossier. August 2014, accessed November 14, 2017 .
  4. ↑ China's SAFE slaps 100,000 yuan annual cap on overseas UnionPay cash withdrawals . In: South China Morning Post . ( scmp.com [accessed December 30, 2017]).
  5. ↑ UnionPay International and Concardis sign sales cooperation . In: www.pressebox.de, November 2, 2017, accessed November 8, 2017.
  6. ↑ Chen Qian: China UnionPay Launches Mobile Payment Application_China.org.cn. Retrieved May 15, 2018 .
  7. ↑ it-times: PayPal enters into cooperation with Wirecard partner UnionPay for China. January 24, 2020, accessed February 4, 2020 .
  8. ↑ UnionPay is offering Chinese tourists overseas a convenient payment option this summer. In: finanzen.net. August 15, 2018, accessed September 11, 2018 .
  9. ↑ http://en.unionpay.com/englobalization/all_globzlization/eneurope/en_germany/index.html
  10. ↑ Huawei Teams with UnionPay International to Roll out Huawei Pay Worldwide. In: huawei.com. January 27, 2018, accessed November 16, 2018 .

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