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UnionPay plans for world expansion

By Maggie Zhang (Shanghai Daily)
Updated: 2007-01-25 09:38

Key priority

Besides expanding overseas networks, UnionPay last year started to encourage banks to issue UnionPay standard credit cards. The card numbers are expected to top 10 million this year.

The cards only apply to the Chinese company's overseas channels as UnionPay aims to claw back its share from dual-currency cards using groups like MasterCards and Visas.

Building the UnionPay brand into a world-class payment option is one of the key priorities of Shanghai'sfive-year planto build the city into a world financial hub.

China's bankcard market is booming amid the growing economy and the backup from government to boost the use of the cards to cut tax evasion andmoney laundering.

UnionPay was set up in March 2002 with a registered capital of 1.65 billion yuan by more than 80 financial institutions, including the country's big-four state-owned banks and other major commercial lenders.