UnionPay has become Chinese residents’ preferred payment brand, and the service provider have also issued over 5 billion cards worldwide, according to the group’s chairman.
Ge Huayong, chairman of China UnionPay made the remarks after a speech at the Shanghai City Campaign Forum of the Milan Expo. Huayong briefed an audience of about 200 industry experts on the growth history and functions of China UnionPay.
‘‘After years of exploration and considering the current market environment and trends, UnionPay has found a strategic positioning that suits its development. And that positioning is to be an open and comprehensive service platform with global influence,’’ said Huayong.
Union Pay is performing well overseas, with 10 million online merchants outside China currently accepting payment with UnionPay cards.
‘‘To realize that goal, internationalization is essential. After 13 years of fast development, UnionPay as a payment network now ranks No. 2 in terms of global transaction volume and No. 3 in terms of acceptance footprint.’’
The Chinese firm is set to capitalize on its international success, as Huayong revealed the creation of a new partnership between UnionPay and CartaSi, the largest acquirer in Italy, which will see 15,000 merchants under CartaSi start accepting UnionPay cards by the end of July this year.
‘‘This has set the foundation for our global development and we will stick to the strategy of going global to build UnionPay into a global network and international brand.’’
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