UnionPay also known as China UnionPay or by its abbreviation, CUP or UPI internationally, is a Chinese financial services corporation headquartered in Shanghai, China. It provides bank card services and a major card scheme in mainland China. Founded on 26 March 2002, China UnionPay is an association for China’s banking card industry, operating under the approval of the People’s Bank of China (PBOC, central bank of China). It is also an electronic funds transfer at point of sale (EFTPOS) network, and the only interbank network in China that links all the automatic teller machine (ATMs) of all banks throughout the country. UnionPay cards can be used in 180 countries and regions around the world.
In 2015 the UnionPay overtook Visa and Mastercard in total value of payments made by customers and became the largest card payment processing organization (debit and credit cards combined) in the world surpassing the two. However, only 0.5% of this payment volume was outside of China.
UnionPay offers mobile and online payments services.
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UnionPay Details
Operating Status:Active
Business TypePrivate
HeadquartersShanghai, China
Founded Date
Mar 26th, 2002
Organization CEOWenchao Shi
BrandsAgricultural Bank of China, Bank of China, Bank of Communications, Bank of Beijing, Bank of Ningbo, Bank of Shanghai, China CITIC Bank, China Construction Bank, China Everbright Bank, China Merchants Bank, China Minsheng Banking Corporation, Guangdong Development Bank, Huaxia Bank, Industrial and Commercial Bank of China (ICBC), Industrial Bank, Ping An Bank, Postal Savings Bank of China, Shanghai Pudong Development Bank, Taizhou City Commercial Bank.
The proposed launch of the crypto payment card by UnionPay and Danal is daring amidst recent clampdowns of cryptocurrency-based activities by the Chinese government.
