UPI further promotes business localization UnionPay Now Issues Card in 70 Markets with Card Launch in Switzerland
UnionPay International (UPI) announced today that it has reached cooperation with Switzerland-based CIM Bank to issue UnionPay credit cards locally on a large scale. This is the first time UnionPay cards are issued in Switzerland, making the country the 70th market to issue UnionPay. So far, more than 150 million UnionPay cards have been issued outside Mainland China. Driven by the gradual recovery of trade and business travel, the transaction volume these cards generate in the Chinese mainland surged by 40% in the first quarter, which has effectively facilitated the two-way exchanges between China and the rest of the world.
Backed by its constantly optimizing acceptance network and service capabilities, UPI has kept localizing its business in overseas markets, which translates into substantial expansion in issuing markets, growth rate and market share of UnionPay cards. In the Asia-Pacific region, with the commercial card delivery in Hong Kong, Macao, Russia, Northeast Asia and the ten ASEAN member states, one in every four new bank cards in the region is branded UnionPay. So far, over 100 million UnionPay cards have been issued in the countries and regions along the Belt and Road, growing by more than 50 times than it did before the initiative. Furthermore, UnionPay has become the largest card brand in Laos and Mongolia and the second largest in Pakistan.
With the growing brand influence of UnionPay across the world, breakthroughs in card issuance are made successively in over ten European and North American countries and regions. UnionPay cards emerge as a new payment option for local consumers. Last year, UnionPay cards debuted in Hungary and Ukraine, while the United Kingdom became the first within the Europe and North America regions to roll out UnionPay virtual cards. With these virtual cards, consumers can make QR payments after applying online in local wallet apps.
At present, UnionPay cards are accepted by all ATMs and nearly 80% of merchants in Switzerland. The use cases are particularly diversified in Swiss cities such as Lucerne, Geneva and Zurich. The CIM Bank UnionPay credit card is designed for local high-net-worth individuals to satisfy their payment needs in everyday life as well as international business travels.
UnionPay cards issued in and outside Mainland China can be used smoothly in UnionPay’s global acceptance network which currently covers 55 million offline merchants in 180 countries and regions. The acceptance coverage in the Asia-Pacific region has reached over 90%. Close to 22 million online merchants in more than 200 markets outside Mainland China now accept UnionPay cards.