(Yicai Global) May 23 -- China UnionPay Co., the country’s biggest bank card provider, has retained its leading position in the global bank card clearing market for the amount of money handled.
UnionPay processed CNY93.9 trillion (USD14.7 trillion) in transactions last year, the Shanghai-based company said in its annual market development report. To date, the firm has issued 6.7 billion cards worldwide and its network covers 168 countries and regions with 50 million merchants and 2.6 million cash machines.
The rise of innovative payment methods such as convenient mobile-based and contactless transactions has boosted UnionPay’s business. The firm has also expanded the use of QR code-based payments so that they are accepted in more countries.
The company has made several breakthroughs in international cooperation in recent years, including a partnership with the Asian Payment Network on the authorization of chip card standards. Seven APN members including Singapore and South Korea have adopted UnionPay’s technical standards in their mainstream switching networks. It also reached deals with countries along the Belt and Road like Belarus and Tajikistan.
For this year, UnionPay expects regulators to further reinforce industry supervision efforts and support innovation, which will help to prevent and resolve systemic financial risks, help the financial sector serve the real economy, and protect consumers in a practical way.
Editor: William Clegg