Growing popularity of UnionPay
Print Edition
The value of cross-bank bankcard transactions by domestic consumers through China UnionPay’s network in the domestic and overseas markets jumped 48 percent last year.
The total cross-bank credit card and debit card expenditure in 2013 amounted to 32.3 trillion yuan (US$5.3 trillion), China UnionPay, the country’s sole bankcard transaction firm, said yesterday.
Spending rose at department stores, supermarkets and gas stations and was the major contributor to the total spending, while the growth in expenditure at hotels and restaurants slowed amid the government’s campaign to rein in excessive spending, said UnionPay, without giving the exact numbers.
UnionPay has been extending its network to lower-tier cities. Last year, the number of merchants jumped 58 percent, and point of sales machines that accept UnionPay’s cards rose 49 percent.
Around the world, 11 million merchants in 142 countries and regions are covered by UnionPay’s network.
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