The transaction volume for UnionPay reached 14.95 trillion US dollars in 2017
China UnionPay released its latest transaction data on February 6, which shows that the transaction volume for UnionPay grew by 28.8% year-on-year to USD 14.95 trillion (RMB 93.9 trillion). UnionPay mobile payment services such as mobile QuickPass and QR code payment is rapidly growing in popularity, offering vigorous support to the upgrading of China’s bankcard industry. With the launch of the app of “UnionPay”, UnionPay is offering safer and easier payment services to customers both in and outside China.
In 2017, UnionPay collaborated with commercial banks in China in launching UnionPay QR code payment and then joined hands with various industry partners to launch the app of “UnionPay”. Integrating the mobile payment functions and benefits offered by various banks and institutions, the app offers unique services including balance inquiry of cards issued by multiple banks, signing up for various mobile payment solutions, etc. The launch of the app drove the transaction volume of UnionPay mobile QuickPass and UnionPay QR code payment to grow rapidly.
In 2017, UnionPay built over 600 demonstration commercial districts of its mobile payment in China, and UnionPay comprehensive payment solutions have penetrated into public transportation, hospital, schools, catering merchants, supermarket, food market and public utilities payment. In 2017, UnionPay took the lead in promoting mobile payment in public transportation. The transaction number of UnionPay mobile payment in public transportation grew by over 30% year-on-year. In the second half of 2017 in particular, UnionPay mobile payment started to be accepted by the subways and buses in Guangzhou, Hangzhou, Fuzhou and Shanghai etc. Meanwhile, the “UnionPay” app is available at about 100 canteens at 51 colleges and universities across 15 provinces.
Besides mobile payment, credit card transaction also witness substantial growth. In 2017, the transaction volume of UnionPay credit cards at POS terminals grew by 17.5% year-on-year.
It is also increasingly convenient to use UnionPay cards outside mainland China. By the end of 2017, UnionPay acceptance network has expanded to 168 countries and regions, covering over 51 million merchants and 2.57 million ATMs. UnionPay mobile QuickPass is accepted at about 1 million POS terminals across 18 countries and regions outside mainland China. UnionPay cardholders are able to pay with UnionPay QR code at merchants in Hong Kong, Macau and Singapore etc.
UnionPay is also supporting the upgrading of the payments industry along the Belt and Road. The payment switch networks in Serbia, Belarus and Tajikistan are being built or upgraded as per the UnionPay standards. And more than ten countries such as Albania, Bulgaria and Tanzania have expressed their wish to have UnionPay help them build up payment switch network. At present, UnionPay is accepted at over 4 million merchants and 400,000 ATMs in about 60 countries and regions along the Belt and Road, and more than 25 million UnionPay cards are issued in the region.