5 Things ECommerce Merchants Need to Know About UnionPay

UnionPay, the world’s fastest growing bank card, is taking on Visa and MasterCard

Chinese bank card organization UnionPay, headquartered in Shanghai, is the world’s fastest growing bank card brand. UnionPay, a leader in eCommerce and merchant services is now the third largest card provider in the world (following MasterCard and Visa). UnionPay has greatly and quickly increased its share of the global market.

The card brand has been providing eCommerce and online payment services to merchants in China since 2002 and is now available to Internet retailers in North America, thanks in part to payment processors like GlobalOnePay.

5 things you should know about UnionPay

  • Over 6 billion UnionPay cards are issued globally and 40 countries and regions outside the Chinese Mainland have issued UnionPay cards.
  • At the end of 2016, the UnionPay global acceptance network has expanded to 160 countries and regions, covering more than 36 million merchants.
  • More than 10 million online merchants based outside mainland China also accept UnionPay cards.
  • UnionPay has issued 3.5 billion debit and credit cards worldwide and UnionPay Debit leads all other cards by purchase volume.
  • In 2015, the total volume of transactions processed by the UnionPay network reached RMB 53.9 trillion (approx. USD $8.63 trillion), with a year-on-year growth of 31.2%.

Accepting UnionPay cards encourages Chinese shoppers to make purchases from your online store. In fact, Chinese consumers are embracing cross border eCommerce, with nearly 20% of online shoppers purchasing goods from outside of China.

With all of the benefits UnionPay has to offer merchants and customers, it is no surprise that over 10 million Internet merchants based outside mainland China already accept UnionPay cards. Before long, the UnionPay logo may be as familiar to the North American market as that of Visa or Mastercard.  

Accept UnionPay cards to maintain your competitive edge and increase global sales

GlobalOnePay makes it simple to enter the lucrative Chinese market with minimal cost and effort. Because foreign domestication is generally complex, costly and time consuming, finding a provider that can help you avoid compliance issues, local taxes and profit repatriation is huge. Our platform hosts the entire UnionPay experience for you, making it the ideal way to combine secure payment processing with simplicity. 

Need more information? Contact us today.