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August 4, 2009

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Home » Business » Finance

UnionPay extends card reach

CHINA UnionPay Co is going all out to expand the bank card network in second-tier cities to boost bank card-based consumption, the country's sole bank card transaction clearing house said.

The new point-of-sale machines and merchant network in second-tier cities accounted for half of the expansion in China in the first half, the Shanghai-based company said, without giving total figures. UnionPay tracks all yuan-backed bank card transactions in China.

"The banks and UnionPay are improving the bank card infrastructure to boost the use of bank cards," UnionPay said. "The next focus is the second-tier cities and rural areas" where acceptance of bank cards for transactions is not widespread unlike in major cities such as Shanghai and Beijing.

The People's Bank of China plans to boost the use of non-cash payment by 20 percent by 2012 in the rural areas.


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