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.
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.
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.
Rod R Katzfey, Senior Vice President, International Acquiring, began his career in banking prior to moving into the merchant services arena. Initially hired as a street-level commission sales rep in June 1996 for FDMS, Rod saw quick success in sales and quickly began to mentor other sales reps and take on management roles. This success has led to growth in his 25+ Years in the Electronic Payments Industry; International and US Domestic Processing, Banking, Payment Gateway & Gift Cards (Open, Closed Loop and Network). Rod is continuously working on ways to differentiate the organizations he represents while also being known for his “out of the box” thinking and approach to challenges.