From the expansion of ATMs and merchants to accept UnionPay cards, to the issuance of local banks, and to the selection of qualified market-leading UnionPay technical standards, UnionPay International's business expansion along the “Belt and Road†continues to be clear.
At present, more than 50 markets along the “Belt and Road†have developed UnionPay card business. "Our strategy is to adopt different market strategies in different markets," said Cai Jianbo, CEO of UnionPay International, to give full play to the advantages of UnionPay as a card organization, and to support China's personnel exchanges with these regions through acceptance and card issuance services; Actively participate in the construction of financial infrastructure along the market, and promote the payment industry in some markets to use China's financial technology standards represented by UnionPay.
Two-way support for China's "One Belt, One Road" personnel exchanges
In line with the implementation of the “Belt and Road Initiativeâ€, the UnionPay card acceptance and card issuance business along the market has made breakthrough progress, and bilateral economic and trade cooperation and personnel exchanges with these regions have been supported in both directions.
As a Central Asian regional center country, Kazakhstan is a “microcosm†of the progress of UnionPay card business along the market: in just two years, the coverage of UnionPay cards for local ATMs and POS terminals has increased rapidly from 50% and 20% to the present. 80%; it is expected to further increase to 95% during the year, basically achieving the use of UnionPay cards in Kazakhstan. At the same time, more than 1.3 million UnionPay cards have been issued in the local area.
Also in Pakistan, not only almost all POS terminals and more than 70% of ATMs can use UnionPay cards, but also more than 3.4 million UnionPay cards have been issued locally. “UnionPay†has become the second international card brand in Pakistan. In Russia, there are about 340,000 POS terminals and 41,000 ATMs accepting UnionPay cards. The coverage rate will be greatly increased to 80% during the year.
This means that UnionPay cards not only serve local Chinese companies and Chinese people, but also become a favorite payment tool for residents along the “One Belt, One Road†market. According to statistics, in 2016, the volume of UnionPay cards issued by Pakistan, Nepal and other countries increased by nearly 2 times in China. The growth rate of UnionPay cards issued by Russia, Kyrgyzstan, Indonesia, Mauritius and other countries is also 50. %about.
China's financial technology standards "going out to sea"
In recent years, UnionPay has not only realized its own network, brand and products “going outâ€, but also participated in the overseas payment industry infrastructure construction and chip card standard authorization to promote China’s financial technology standards to “go to the sea†and serve Chinese financial institutions. Chinese companies and Chinese people "go out".
On the one hand, it has participated in the establishment of Laos' national bank card payment system through aid construction and commercial cooperation, and also established a local transfer network TPN (Thai Payment Network) in cooperation with major banks in Thailand. Based on TPN, UnionPay also helped Thailand create its own debit card brand TPN.
On the other hand, it is pushing the standard of the UnionPay chip card to "go global." The UnionPay chip card standard is not only the recommendation standard of the banking industry in Thailand and Myanmar, but also the cross-border chip card standard of the Asian Payment Network (APN). Seven mainstream countries in Singapore, South Korea, Malaysia, Indonesia, and the Philippines The network has been authorized to use the UnionPay chip card standard as the technical standard for acceptance and card issuance services. In February of this year, UnionPay International also announced with the Philippine transit network BancNet to promote the large-scale issuance of UnionPay chip cards by its member banks, which means that the first card issuance project based on the APN chip card standard authorization.
“After more than 10 years of development, UnionPay has established a complete set of bank card technologies, standards, systems and rules. These bank card business technical standards and transfer network operation experience are just some of the market hopes to learn from. We use the 'One Belt, One Road' initiative. The implementation of the Sino-foreign cooperation in the east, looking for some projects with reproducibility and expandability, to help the overseas market payment industry upgrade." Cai Jianbo said, "Next, we will continue to promote payment clearing infrastructure, technical standards, etc., to achieve China's inter-connected financial infrastructure along the 'Belt and Road' to enhance the international competitiveness of China's payment industry."
It is reported that some markets in Southeast Asia, South Asia and even Africa are paying attention to the "going out" trend of UnionPay technical standards, and similar cooperation is possible in the future.
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