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China UnionPay (CUP) is the world’s biggest payment card company, that has issued over 6 billion cards in China alone – more than Visa and MasterCard combined, globally.
The China state-owned company, which was founded in 2002, has a virtual monopoly on all card payments in its home market. It uses a business model, similar to the one employed by Visa and MasterCard – to charge a commission on each card transaction.
Still, most consumer transactions are free, while the company charges merchants with a fee that is divided between CUP and the supporting bank.
Over the past years China UnionPay has been expanding rapidly, initially in Asia, and now all over Europe and the Americas, with the United Kingdom being the latest market where the Chinese financial giant has set foot.
Presently China UnionPay services more than 41 million merchants and 2 million ATMs in over 170 countries and territories.
With a UnionPay card you can withdraw cash from ATMs, make credit card payments on POS terminals, make bill payments and card repayments, purchase tickets, book a hotel and make money transfers. On top of that CUP guarantees a tax refund in 36 countries.
Besides, for its European expansion CUP does not need a special license as its cards are issued by third parties like banks and the transactions are handled by payment processing groups.
And while China UnionPay is faring pretty well with global competitors like VISA and MasterCard, it faces tough competition at home from emerging digital payment companies like Alipay and WeChat Pay.
China UnionPay Brokers
China UnionPay news
Cyprus-based forex broker RoboForex said on Friday its clients can now withdraw funds using the China UnionPay payment system. Investors can already
Forex broker FreshForex has cancelled commission fees on deposits via Neteller and China UnionPay, the broker said on Thursday in a notice.