What is UnionPay?

Published by Cyber Flows on

UnionPay is a Chinese financial services corporation headquartered in Shanghai, China. It provides bank card services and a major card scheme in mainland China. Founded on 26 March 2002, China UnionPay is an association for China’s banking card industry, operating under the approval of the People’s Bank of China (PBOC, central bank of China). It is also the only interbank network in China that links all the automatic teller machine (ATMs) of all banks throughout the country. It is also an electronic funds transfer at point of sale(EFTPOS) network.

It is the largest card payment organisation (debit and credit cards combined) in the world offering mobile and online payments based on total value of payment transactions, ahead of Visa and Mastercard.

UnionPay cards can be used in 162 countries and regions around the world, making it the third-largest payment network by value of transactions processed, behind Visa and MasterCard.

UnionPay Cross-Border B2B Payment & Service Platform offers comprehensive online payment service for import and export enterprises including global e-commerce, international and local trading enterprises. The platform provides safe, convenient, transparent and efficient of cross-border B2B payment solutions, helps enterprise customers to realize requirements including cross-border online payment, online collection, order management and others, and promotes trade between China and countries or regions around the world.

The platform is suitable for a variety of B2B settlement scenarios: China’s import and export trade, overseas local trade and cross-border trade between two countries; online trading scenarios including online marketplace, e-invoice platform and other online platforms, as well as traditional import and export enterprises and other scenarios; the goods trade and service trade including B2B funds settlement for airline tickets, hotels, tuition fees and other services.B2B Platform provides companies cross-border online payment, online collection, fund collection solution for domestic platforms, e-invoice management, account management and other value-added services.

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