UnionPay Cards are issued in China and may be used by tourists and business travelers in the US. Only businesses located in major US cities should consider being set up to accept UnionPay Cards. UnionPay acceptance is a special service that should be requested before opening your merchant account as it requires special handling.
Founded in China
Also known as China UnionPay, UnionPay is a Chinese financial services corporation headquartered in Shanghai. Founded in 2002 as an association for China’s banking card industry, UnionPay operates under the auspices of the People’s Bank of China. In 2005, however, the company expanded their reach by signing agreements with other card issuers such as Discover, BC Card in South Korea, and JCB in Japan. As a result, it is now popular in many other Asian countries besides China.
UnionPay Gift Card
If you are interested in shopping on Chinese websites but have security concerns, you should take advantage of the UnionPay gift card. It protects your financial data while keeping your expenses down since you do not have to link to your bank account. In addition, you will never misplace it because you can access it through a digital wallet after redemption.
Today, UnionPay International operates as a subsidiary of China UnionPay. By partnering with more than 2300 institutions around the globe, UPI now offers card services in 179 countries. Consequently, it has eclipsed both Mastercard and Visa as the world’s largest card payment organization based on the total value of transactions (both debit and credit cards).