China UnionPay Card: Expanding in the Global Market
Is your business ready?
As the reach of the China UnionPay card expands into the global market, U.S. business owners need to be ready to accept these cards. Just over ten years after its founding, the UnionPay card dominates Chinese bankcard transactions because it is the only domestic card brand in China. UnionPay completely controls the Chinese market, one of the largest markets in the world.
China UnionPay Card
- Largest card brand in the world (3.53 billion cards in circulation)
- Second largest sales volume ($2.5 trillion)
- Monopoly on transactions in China, the only domestic bankcard
- Overseas transactions rising 30% per year since 2012
- Now accepted in over 140 countries
Chinese consumers represent one of the largest consumer groups shopping abroad, so being ready to accept the UnionPay card is becoming more and more important.
U.S. merchants, especially those in high traffic tourist destinations, can continue to build their businesses by attracting UnionPay cardholders. Accepting the UnionPay card is beneficial for both parties because U.S. merchants can gain more business while Chinese cardholders can shop abroad without the hassle of obtaining foreign payment methods. Their impressive growth seems to be only improving and expanding.
Accepting UnionPay Cards in U.S.
- Currently processed through Discover network
- If you already accept Discover, you will be able to accept UnionPay with no extra costs
- Increase sales opportunities by attracting these cardholders
Payment Depot members’ terminals are already equipped to accept UnionPay transactions. Just another way Payment Depot is protecting its members and supporting their business growth. Visit our website for more information on membership.