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Let China UnionPay card swipe all over the world

2019 marks the 70th anniversary of the founding of New China. 70 years on, as an important part of the rapid development of the applicable economic and financia...

Apr 21,2022 | Iris

Let China UnionPay card swipe all over the world

2019 marks the 70th anniversary of the founding of New China. 70 years on, as an important part of the rapid development of the applicable economic and financial stability, the payment industry chain in China has developed rapidly and steadily with the wave of economic and social development, and has come out china unionpay international of a path of progress with independent capital construction, its own brand and independent regulation. China UnionPay has turned into the world's largest card issuer, offering nearly 8 billion savings cards.

Since its inception, China UnionPay has had the overall goal of increasing payment efficiency and improving payment services. Since its establishment 17 years ago, it has always been based on and focused on meeting the requirements of social development for convenient, efficient, secure, inclusive financial and globalized payment services, and is committed to promoting the upgrading of consumer concepts, regional economic integration and the development trend of economic and financial stability.

First, to create an independent savings card transfer settlement system software, the foundation of the foundation. Along with the creation of the UnionPay generation and second generation savings card interbank transfer sale and settlement system software, the volume of savings card transactions has continued to grow, and in 2018, the UnionPay Internet transfer sale and purchase volume reached the trillion price for the first time, reaching 120.4 trillion, which is more than 1,200 times the amount of savings card interbank transfer sale and purchase volume across the country in 2001, and the savings card has turned into a comprehensive financial information service given to me by the banking industry Basic special tools and key media.

Secondly, it opens the period of China's electronic device payment and serves people's livelihood with all commodities and scenarios. From cash payment, card-based payment, to the current all-round promotion of mobile payment, the savings card account management system created by UnionPay has not only become a key connection point for the transformation and development of payment services, but also a strong support point for service companies and improvement of people's livelihood, with the UnionPay flash payment APP that exceeds 200 million consumers and the UnionPay mobile flash payment that covers popular brands of cell phones, promoting the deep town of China's payment field and moving towards a wider world stage. wide world stage.

Third, Internet finance promotes industry chain multiple parties to create security payments together. Smooth and effective interbank transfer sale and settlement system software, volume extension of the financial industry cloud, immersive experience VR payment technicality, UnionPay in the payment of independent innovation on the road hand in hand with the industry chain multiple parties, with the help of independent research and development, according to together to create a well-organized compliance management of the industrial ecology, to bring customers high efficiency, security, convenient and fast payment services. the first half of 2019, UnionPay Internet fraud rate dropped to 0.97 BP, constantly at the bottom of the global level, the user's assets, network information security more reliable.

Fourth, the payment wireless network covers the world, and the payment specification moves towards internationalization. Nowadays, UnionPay trial Internet has long been expanded to 174 countries and regions around the world, covering more than 52 million merchants. In addition to payment commodities and payment Internet, UnionPay's payment norms have also stepped into the world stage, bringing reasonable reference and reference for the growth of payment industry chain in the world. In the future, China UnionPay will promote the completion of a UnionPay card swipe around the world.

Along with the rapid development trend of new technology applications such as 5G, Internet of Things technology, Internet big data, cloud computing technology, artificial intelligence technology, block chain technology, etc., the sales market payment requirements will also change along with them, and China UnionPay will continue to improve its six major capabilities to complete a new round of development trend.

To update the external open collaboration capability with the basic service platform type green ecological management system to give convergence type and one-stop optimization service. As an open, service platform-type comprehensive payment service provider, China UnionPay will continue to give full play to the advantages of card institutions and collaborate with the banking industry, third-party payment organizations, service providers, Internet companies and merchants at home and abroad to give one-stop payment services and personalized services together for users, mobile payment customers, small and medium-sized enterprises, and poverty alleviation capital actors.

The Internet financial use as the focus point to update the independent innovation capacity, for the payment industry development planning to give strong modules. China UnionPay will promote the innovative and reasonable layout of the technicality of next-generation payment and settlement, promote the high integration of all kinds of independent innovation and payment application, sale and purchase settlement, risk control and other business, promote the technicality and commodity all-round combination of UnionPay's new technical application and new products with each actor of the whole payment industry chain, and further reach the market expansion of multiple parties in the industry chain must.

Renewing the ability of Huipu Financial to facilitate the people with the core concept of people benefit. China UnionPay's various payment products and services have been continuously sinking to secondary cities, counties and rural markets, continuously reducing the barriers to financial information services, so that all people can get more convenient and faster payment services with lower cost fees and share the benefits of the development of the resource country.

Update risk control capability with intelligent risk control as the key to guard payment security. China UnionPay will take data analysis as the basic, with artificial intelligence technology, biometric technology, blockchain technology and other technicalities as the support point to improve the accuracy and integrity of risk control, and be able to better implement compliance management, risk control system and other regulations. At the same time, accelerate the improvement of intelligent risk control system, intelligent identity verification, customer security disruptive innovation, risky use of value discovery capabilities, to promote the payment industry chain Jiankang sustainable development concept.

To create an international brand name as the overall goal to update the global service project capabilities. China UnionPay will continue to broaden the trial Internet, while accelerating the overseas marketing and promotion of UnionPay mobile flash payment, UnionPay flash payment APP and other mobile payment goods, so that Chinese people and overseas UnionPay customers can apply UnionPay payment goods in a large number of regions and various merchants around the world, contributing to the improvement of the global payment industry chain with high efficiency. At the same time, once again vigorously promote the international exchange of standard specifications consistent with national standards.

To improve the capacity of the corporate governance structure and stimulate the essential driving force with the breakthrough of reform and innovation of institutional mechanism. China UnionPay will consistently accelerate the social transformation and development, promote the reform and innovation of institutional mechanism innovation, enhance the management system, strengthen measures to gather talents from multiple parties, and bring high-quality and multi-faceted payment services to multiple parties in the industry chain and UnionPay customers.

Related Hot Topic

Can UnionPay be utilized abroad?

Foreign participating merchants of UnionPay accept UnionPay debit cards in the same way as domestic participating merchants do.

Is UnionPay accepted in Germany?

In Germany, more than 60% of the ATMs accept UnionPay cards for cash withdrawals in euros. Cash withdrawals using UnionPay cards are possible at ATMs that feature the UnionPay logo, as well as the logos of Commerzbank, Deutsche Bank, Sparkasse, and BW Bank.

Which bank is the most suitable for use abroad?

The top banks recommended by NerdWallet for foreign travel are listed below:
The best bank for using ATMs is Charles Schwab. Best for foreign transaction fees is Capital One 360. The best bank for expats with large accounts is HSBC. Citibank is the best for money transfers. The best nonbank multicurrency account is Revolut.

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