Chinese card issuer UnionPay is expanding its operations overseas with the opening of an international arm.
UnionPay is looking to increase its acceptance in retail locations overseas and the number of partner banks issuing Union-Pay branded cards. As well as providing a significant boost in the potential business, a greater level of acceptance would assist both inbound and outbound travellers whilst promoting the use of the Yuan as a global currency, the bank said.
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The news comes after the World Trade Organisation ruled in August of this year that China discriminates against foreign card companies by favouring UnionPay and that the company had a monopoly on Yuan card payments.
At the opening ceremony of this new unit, Liu Shiyu, deputy governor of the People’s Bank of China, said "UnionPay’s internationalism provides convenience to Chinese residents and companies going overseas. Also it provides a new payment option for overseas residents and companies."
According to Government data, 22m Chinese travelled overseas in 2011, a 22% rise on the previous year.
Although it was only founded in 2002, UnionPay has quickly established itself as a major player in the card issuing marketplace. A report by Retail Banking Research in August of this year said that UnionPay had overtaken Visa as the world’s largest card scheme issuing three in every ten cards worldwide.
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