China UnionPay

/EIN News/ -- SHANGHAI, July 15, 2024 (GLOBE NEWSWIRE) -- In order to implement the Opinions on Further Optimizing Payment Services to Facilitate Payments by China's State Council and the arrangements of the People's Bank of China (PBOC), China UnionPay launched Project Excellence 2024 in March. Up to now, the Project has achieved initial results in 41 key cities and 17 payment use cases nationwide.

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Bridging the digital divide and accelerating payment optimization

To accommodate the payment preferences of inbound visitors to China and the elderly, China UnionPay offers a wide range of payment methods, including cards, QR, and OEM pay products, as well as cash withdrawal. With the launch of the SplendorPlus card by Bank of China Singapore Branch and Halyk Bank of Kazakhstan, as well as the Guangxi Card and the Greater Bay Area Theme Card, China UnionPay has issued more than 240 million cards in 81 countries and regions outside China's mainland, and has rolled out nearly 200 UnionPay-powered e-wallets in 35 countries and regions internationally. As of the end of May, the number and value of in-store purchases made by international UnionPay cards in China rose 85.2% and 48.6% year-on-year, respectively.

China National Silk Museum by the West Lake in Hangzhou, Zhejiang Province attracted large crowds during the Chinese Costume Festival. Helen from the UK acquired an immersive experience of the cultural event wearing a traditional Chinese dress. She then shopped for many embroidery-themed gifts. "I was worried about payment challenges. But the staff said that I could use an international UnionPay card, which I happen to have. It couldn't be any easier," she said.

Ellis, a businessman from Spain, returned to the International Trade Mart in Yiwu, Zhejiang Province, which he had not been able to visit for four years. The shopkeeper there recommended that he pay with his international UnionPay card. This option has made wholesale purchases much easier for business persons across the world.

During the Summer Davos, Cheon Chang Nyung from South Korea visited Dalian for the first time. The trip, lasting a few days, changed his mind about payment services in China. "I will tell my friends back home to bring the Hana UnionPay card when they visit China." He also used Hana Pay to quickly pay for his meal at a restaurant that accepts UnionPay QR codes.

At the senior canteens in Shanghai, Fujian, Hainan and many other places, the elderly are enjoying the convenience of digital payment brought by offerings such as the senior-friendly version of the UnionPay App and facial recognition payments. Ms. Tan from Shanghai is positive about the experience. "The AI Canteen is very good. I can pay with cash, mobile phone, and also with facial recognition. Sometimes there are even discounts." At a canteen in Fuzhou, capital of Fujian Province, Granny Wang uses her UnionPay card, designed specifically for senior citizens, to pay for her subsidized meals. This particular card is purpose-built by China UnionPay and the Haixia Bank of Fujian for local customers aged over 60.

Advancing use case development to enable frictionless payments

The easy payment solutions allow global visitors and senior citizens to benefit from the convenience of a digital era through a diverse array of payment use cases. Since the launch of Project Excellence 2024, the acceptance coverage of UnionPay cards has reached 93.4% among key merchants in 41 key cities and 17 use cases nationwide. For transportation service, the development of payment pilot zones has been completed at transit hubs including Beijing Capital International Airport, Beijing Daxing International Airport, Shanghai Hongqiao Airport, Shanghai Pudong International Airport, Shenzhen Baoan International Airport, Hangzhou Xiaoshan International Airport, Nanjing Lukou International Airport, Haikou Meilan International Airport, and Sanya Phoenix International Airport. UnionPay cards are accepted for ticketing at the major high-speed railway stations in the 41 key cities, and are supported by the English version of the 12306 China Railway website and app. In addition, cross-border transit infrastructure including the Hong Kong-Zhuhai-Macao Bridge and the China-Laos Railway also allows international passengers to pay with various UnionPay products.

A shopkeeper at Beijing's Pearl Market (Hongqiao) noted, "The number of international visitors shopping here has grown noticeably." The Market, once comparable to the Silk Street (Xiushui) and one of the favorite shopping destinations for foreign tourists in Beijing, was bustling with people again during China's Labor Day holiday in May. China UnionPay and the Ministry of Culture and Tourism jointly released an action plan to boost culture and tourism spending in designated cities and commercial zones, which has made UnionPay payments broadly available at 10 exemplary tourist attractions such as Zhangjiajie in Hunan Province and Gulangyu Island in Fujian Province, as well as 25 major shopping destinations including Hubin Pedestrian Street in Hangzhou, Kuanzhai Alley in Chengdu, Laomendong district in Nanjing, and Qilou Old Street in Haikou.

Besides, Project Excellence 2024 has enabled major hospitals, ports and harbors, hotels with three-star ratings or above, and 146 top merchants in 41 key cities to accept UnionPay payment products. With promotions during the Labor Day holiday and through the summer in China, UnionPay provides high-quality, efficient, and easy payment services across different use cases to customer groups including inbound tourists and senior citizens.

Building consensus across the payment industry for a splendid future

Optimizing services to facilitate payments requires systematic efforts. Project Excellence 2024 has encouraged since its launch all industry players to reach consensus, creating an environment for joint investment and concerted efforts. China UnionPay has facilitated 61 key acquirers to accept international UnionPay cards, and 151 mainstream payment aggregators to support UnionPay-standard wallets launched overseas. Major acquiring banks, by leveraging accumulated resources, have enabled acceptance with their core merchants to improve payment access. Payment institutions, using their strength in technology and human resources, have worked to upgrade POS terminals into ones that are more cost-effective and intelligent.

China UnionPay will continue to implement the requirements by the Chinese government. Guided by the PBOC and within the framework of Project Excellence 2024, the company will collaborate closely with industry stakeholders to improve payment services. Through such joint efforts, UnionPay will keep contributing to the high-quality development of the payment industry, business environment optimization, and high-level opening up of China.

Source: China UnionPay

Contact person: Ms. Zhu, Tel: 86-10-63074558