Research By Markets adds Market Research Report - Market Research on Competitor Profile: China UnionPay
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Competitor Profile: China UnionPay
China UnionPay (CUP) is a global bank card scheme established under the approval of the People’s Bank of China (PBOC) and the State Council in March 2002. It is the sole scheme provider of payment cards in China. According to China’s central bank regulation, all card issuers in the country are required to route yuan-based transactions through CUP’s electronic payment network.
Card issuance under the UnionPay brand is mostly concentrated in China. UnionPay founded its UnionPay International subsidiary in 2004 to capitalize on rising demand for payment cards among Chinese students studying abroad, as well as international travelers and the overseas Chinese diaspora.
While the issuance of UnionPay cards is limited to 58 countries, the cards are accepted in 177 countries globally. They are supported by CUP’s collaboration with international banks and payment service providers such as HSBC, Barclays, Standard Chartered Bank, United Overseas Bank (UOB), Russian Standard Bank, Bank of New Zealand, PayPal, and Halyk Bank.
In addition to card issuance and payment card processing, CUP offers the QuickPass mobile payment service, enabling consumers to pay with their smartphone at contactless point-of-sale (POS) terminals. It also offers a QR-code payment service, enabling users to make payments by scanning the UnionPay QR code displayed at merchant stores. Users can also make in-app and online payments.
The report provides information and insights into China UnionPay including –
– Detailed insight into its business
– Comprehensive coverage of its products and services
– Comparative assessment with key alternative payment solutions
– Information on its performance, including its revenue model
– The company’s important events and milestones
– China UnionPay (CUP) is a global bank card scheme established under the approval of the People’s Bank of China and the State Council in March 2002.
– In December 2015, CUP introduced mobile payment solution QuickPass.
– In March 2018, CUP launched UnionPay International Mobile Payment Service, enabling commercial banks, retailers, mobile phone manufacturers, and third-party institutions to accept UnionPay mobile payment solutions outside China.
– In September 2019, CUP partnered with SBM Bank Kenya to launch UnionPay prepaid cards in Kenya.
Reasons to buy
– Gain insights into China UnionPay’s business operations and key events.
– Gain insights into its product portfolio and revenue model.
– Assess the competitive dynamics in the alternative payments industry by comparing its performance against competitors.
People’s Bank of China
Standard Chartered Bank
United Overseas Bank (UOB)
Russian Standard Bank
Bank of New Zealand
Axiata Telecom Group
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