Payment Company Profile: China UnionPay

Payment Company Profile: China UnionPay

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Executive Summary

Payment Company Profile: China UnionPay


China UnionPay (CUP) is a global bank card scheme established under the approval of the People's Bank of China and State Council in March 2002. It is the sole scheme provider of payment cards in China. According to Chinese central bank regulations, 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, with minimal presence in overseas markets. UnionPay founded its UnionPay International subsidiary in 2004 to capitalize on rising demand for payment cards among Chinese students studying abroad, international travelers, and the overseas Chinese diaspora.

While issuance of UnionPay cards is limited to a handful of countries, they are accepted in more than 160 countries globally, supported by CUP's collaboration with international banks and payment service providers including HSBC, Citibank, Standard Chartered Bank, Discover, JCB, Bank of New Zealand, PayPal, and Bank of Hawaii.

In addition to card issuance and payment card processing, CUP offers the QuickPass contactless payment service, enabling consumers to pay using UnionPay QuickPass chip cards or smartphones at contactless point of sale (POS) terminals.

The report provides information and insights into payment profile China UnionPay, including

Detailed insight into its business and geographical presence

Comprehensive coverage of its products and services

Comparative assessment with key payment profiles

Information on its performance including its, supporting banks and financial institutions

The company's important events and milestones

Key Highlights

In 2004, CUP established its UnionPay International subsidiary, in order to expand overseas. It has currently partnered with 400 institutions globally.

As of December 2016, UnionPay cards were issued in more than 40 countries, including Singapore, Japan, South Korea, the US, Mauritius, Pakistan, and Malaysia.

UnionPay has also collaborated with multiple banks and payment service providers to increase global acceptance of its cards. The cards are now accepted in more than 160 countries globally.

UnionPay cards are now accepted in African countries including Botswana, Ghana, Kenya, Mauritius, South Africa, Seychelles, Tanzania, Uganda , Zambia, and Zimbabwe.


This report provides a comprehensive overview of payment profile China UnionPay, including its operations, history and geographical presence

It provides an overview of products and services offered, and explanations on how they work

It provides details of business performance, including supporting banks and financial institutions.

Reasons to buy

Gain insights into China UnionPay's business operations, geographical presence and key events

Gain insights into its product portfolio

Assess the competitive dynamics in the payments industry by comparing its performance against competitors.

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Ken Research
Ankur Gupta, Head Marketing & Communications


Table of Contents


Geographical Presence

Historic Milestones


Supporting Banks and Financial Institutions

Performance Highlights

Products and Services

Significant Events


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China UnionPay, Industrial and Commercial Bank of China, Bank of China, Visa, Mastercard, HSBC, Citibank, Discover, JCB, Standard Chartered Bank, Bank of New Zealand, PayPal, Bank of Hawaii

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