Finances have become an irreplaceable part of global development. That is why companies launch their payment systems, trading platforms, and many other financial options. And UnionPay is one of the most popular financial service corporations, also known as CUP and UPI. Below you find the ultimate guide and detailed review for UnionPay. Check other global financial news on the website to stay tuned.
The central office of UnionPay servicing is located in China. The company was launched in 2002, and since that time, UnionPay has become the leading player in the banking system of China. In addition to regular cards, the company provides online money transfers and interbank networking. People from 180 countries can use the UnionPay card.
Currently, the biggest rivals for UnionPay are Mastercard and Visa. The Global Payment Cards Data and Forecasts network analytics researched the share of purchase volume worldwide in 2019.
This UnionPay review will provide you to find more details about one of the largest financial companies in the world.
What is UnionPay?
UnionPay is the only national payment system in China cooperating with a vast number of foreign companies. This electronic payment system launching changed the direction of Chinese finance market development and opened the borders to the worldwide industry.
UnionPay is also playing a role in the destruction of limits worldwide. Citizens of different countries are allowed to pay for their needs and desires. The option of international use was launched in 2006.
The company has become the first financial-level pre-authorization service for transactions.
So if you need a quick answer to what is UnionPay, then this banking system is the door to the free financial industry with various options.
UnionPay history
The People’s Bank of China (PBOC) approved the launch of the company in 2002. And after this official approval, the China UnionPay has started its activity in the market.
The main concept of the company was to create a union banking system for the whole country. Some experts are sure that the first-ever inspiration for the union banking network was in 1992 with the launching of the “Golden Card Project.” And UnionPay is a worthy continuation of this project.
The year 2005 was a period of active collaborations with foreign financial networks. The decision of international co-working was caused by the need to build a more confident status in the worldwide market.
The main successful collaborations:
- Discover in the United States;
- RuPay in India;
- JCB in Japan;
- BC Card in South Korea;
- Mir in Russia.
Later, in 2014, UnionPay was contributing to capital growth in China.
In 2022, UnionPay may perspectively grow because of the global sanction wave towards Russia. After the Mastercard and Visa ban in Russian Federation, the government requested support from the Chinese payment method. According to the research, 90% of ATMs in Russia are available for UnionPay cards. However, the SWIFT ban for Russian citizens will not allow them to withdraw cash even with cards.
How to use UnionPay?
The system requirements are quite suitable for modern terms. The gadgets that are available for using the UnionPay app:
- SaaS;
- iPhone;
- iPad;
- Android.
Online payment method includes two ways of using:
1. Authorized payment
- pick the UnionPay method to make a purchase in an online shop;
- fill the card number and PIN;
- verify your account through your phone number;
- fill in the number of one-time codes.
2. Express payment
- register on the UnionPay website;
- fill the card number;
- verify your account with the PIN;
- fill in the one-time code, which is sent on the phone number;
- the debit card is linked to your online account.
Online payment also has limits on purchases to decrease the potential risks and money loss. The limit for the one-time purchase is ¥10 000, and the daily limit is ¥50 000.
UnionPay fees
The essential factor for determining the fees is the type of transaction, currency, card type, etc. More specifically, cardholders’ minimum commission is $0.50 for cashless transactions. However, other aspects
like location and type of the cards are still essential in such issues. Withdrawing cash through the ATMs, the commission will be 1.75% out of the sum.
The ATM fees may also be different:
- The service fee charged by the issue;
- The service fee is charged by the ATM acquirer in the foreign country.
The lowest commission fee is for the cash withdrawal using the debit card.
UnionPay International
UnionPay International has been actively and rapidly developing in the foreign financial markets for the latest years. The user base is spreading in many countries, where the stable currency is different.
Ten world currencies that are available for UnionPay:
- CNY — Renminbi;
- EUR — Euro;
- GBP — the UK pound sterling;
- HKD — Hong Kong dollar;
- JPY — Japanese yen;
- MOP — Macanese pataca;
- NZD — New Zealand dollar;
- SGD — Singapore dollar;
- THB — Thai baht;
- USD — the US dollar.
Nowadays, the UnionPay International partners are over 2 400 companies around the world. The number of serviced countries is over 180. More than 10 million foreign online stores are open to the users of UnionPay cards.
Talking about the conversion commission, no fee is applied to payments or cash withdrawals. However, the transaction value of the foreign currencies depends on the market exchange rate at that moment.
UnionPay services
China’s leading payment system is full of various offers, which do not differ from any other foreign finance company. Among the main offers are:
- made purchases located in one of the available countries;
- made purchases 24/7 both online and offline;
- 1 million ATM machines are available to withdraw cash;
- many VIP and additional offers like “Global Assistance,” “UnionPay Card Emergency Service.”
Benefits of UnionPay
UnionPay users notice the easy-to-use application, which does not take much time to understand the mechanism. The ability to use this card everywhere is another significant benefit for business people and travelers. It gives the financial freedom and unlimitedness of banking servicing. A modern and reliable security system protects private data from third parties and fraud cases.
For those who have the constant need to transfer money in and out borders, UnionPay is serviced by MoneyExpress. This type of transaction is also perfectly protected and secured from fraud.
Talking about the VIP options, there are a few advantages to flexible financial service options. Global Assistance Service is one of them. It includes travel, medical, and healthcare assistance. Global Travel Service allows users to use UnionPay cards with more options in the foreign markets.
The customers also mention the 24/7 support service, which is a solid guarantee to the concern of clients.
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