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Following the take-off of China’s economy and the shift in its population’s consumption patterns, UnionPay has become the third-largest international bank card brand by its issued card base, in just 13 years. As all ATMs and POS terminals in Hong Kong accept UnionPay Cards (card number starting with 62), a growing number of Hong Kong residents are using their UnionPay Cards at home and abroad. Hong Kong was the first market for UnionPay when it launched its international expansion strategy in 2004. The UnionPay Card has now become the bank card brand with the largest share of newly issued bank cards in Hong Kong.
More than 16 million UnionPay Cards have been issued to date in Hong Kong. This number includes various specialty cards such as RMB ATM card, double-currency ATM card, RMB credit card, double-currency credit card, and HK dollar prepaid card. This works out to an average of two cards per HK resident. The latest information shows that Hong Kong’s commercial banks are eager to issue UnionPay Cards – UnionPay accounted for more than half of all newly issued branded credit cards in the past two years. UnionPay also accounts for over 90 percent of card stocks and newly issued debit cards.
At its initial stage of development, Hong Kong UnionPay mainly targeted mainland Chinese tourists. Subsequently, it began to target Hong Kong and Macao residents with convenient, innovative and secure payment services. Currently, UnionPay Cards issued in Hong Kong have a higher trade growth rate outside Hong Kong and mainland, compared with the mainland. In particular, Hong Kong residents’ spending on UnionPay Cards in Japan and Thailand surged several times this year, with spending also up sharply in other regions such as Europe, Korea and Taiwan. There was also significant spending on UnionPay Cards issued by neighboring markets, such as Korea, Japan and Singapore.
In recent years, UnionPay International has steadily grown the UnionPay application network. Currently, users can withdraw cash with their UnionPay Cards from all local ATMs, and pay their bills at all Point of Sale (POS) terminals. A perfect application network not only offers convenient and efficient services, but also increases the sales of various businesses. Meanwhile, since UnionPay Cards are accepted in more than 150 countries and regions, a growing number of Hong Kong residents are using their UnionPay Cards abroad, particularly to enjoy exclusive privileges offered by global businesses.
Carlson Li, General Manager, UnionPay International Hong Kong, said that UnionPay International had invested heavily in promoting local QuickPass, which has grown in terms of its scale and range of application, to give UnionPay Card users a brand new payment experience offering greater flexibility. Currently, Hong Kong has almost 5,000 POS terminals with the UnionPay QuickPass function, including everyday locations such as SOGO and 7-Eleven stores. The number of supermarkets, stores, restaurants and pharmacies that offer QuickPass flash payment continues to grow.
Carlson Li says it is especially important to understand local cultures and consumer preferences. As such, in partnership with local renowned businesses, UnionPay International has launched various online to offline promotions for UnionPay Card cardholders each year, which target daily living essentials of Hong Kong and Macao residents. Examples include QuickPass privileges offered by Sogo Hong Kong, Toys "R" Us and Macao New Yaohan, as well as spending privileges offered by well-known businesses at Lan Kwai Fong and V City market. These promotions help to raise brand awareness while helping local businesses.
Meanwhile, UnionPay is continuously working to make UnionPay card the first choice of payment for Hong Kong residents abroad. It offers exclusive privileges such as global restaurant reservations, airport VIP lounges and taxi services. The UnionPay tourism tips website, which has online activities with rewards, offers Hong Kong residents abroad visitor information such as exchange rates and weather forecasts.
For UnionPay’s future development, Carlson Li says the next target is to constantly increase brand awareness. First, UnionPay will continuously grow its issued card base, and launch various value-added services for different segments of users. Second, it will offer privileges at overseas destinations popular among Hong Kong residents. Third, it will introduce more innovative products and services, so that UnionPay Card products can keep pace with the latest payment trends.
More than 16 million UnionPay Cards have been issued to date in Hong Kong. This number includes various specialty cards such as RMB ATM card, double-currency ATM card, RMB credit card, double-currency credit card, and HK dollar prepaid card. This works out to an average of two cards per HK resident. The latest information shows that Hong Kong’s commercial banks are eager to issue UnionPay Cards – UnionPay accounted for more than half of all newly issued branded credit cards in the past two years. UnionPay also accounts for over 90 percent of card stocks and newly issued debit cards.
At its initial stage of development, Hong Kong UnionPay mainly targeted mainland Chinese tourists. Subsequently, it began to target Hong Kong and Macao residents with convenient, innovative and secure payment services. Currently, UnionPay Cards issued in Hong Kong have a higher trade growth rate outside Hong Kong and mainland, compared with the mainland. In particular, Hong Kong residents’ spending on UnionPay Cards in Japan and Thailand surged several times this year, with spending also up sharply in other regions such as Europe, Korea and Taiwan. There was also significant spending on UnionPay Cards issued by neighboring markets, such as Korea, Japan and Singapore.
In recent years, UnionPay International has steadily grown the UnionPay application network. Currently, users can withdraw cash with their UnionPay Cards from all local ATMs, and pay their bills at all Point of Sale (POS) terminals. A perfect application network not only offers convenient and efficient services, but also increases the sales of various businesses. Meanwhile, since UnionPay Cards are accepted in more than 150 countries and regions, a growing number of Hong Kong residents are using their UnionPay Cards abroad, particularly to enjoy exclusive privileges offered by global businesses.
Carlson Li, General Manager, UnionPay International Hong Kong, said that UnionPay International had invested heavily in promoting local QuickPass, which has grown in terms of its scale and range of application, to give UnionPay Card users a brand new payment experience offering greater flexibility. Currently, Hong Kong has almost 5,000 POS terminals with the UnionPay QuickPass function, including everyday locations such as SOGO and 7-Eleven stores. The number of supermarkets, stores, restaurants and pharmacies that offer QuickPass flash payment continues to grow.
Carlson Li says it is especially important to understand local cultures and consumer preferences. As such, in partnership with local renowned businesses, UnionPay International has launched various online to offline promotions for UnionPay Card cardholders each year, which target daily living essentials of Hong Kong and Macao residents. Examples include QuickPass privileges offered by Sogo Hong Kong, Toys "R" Us and Macao New Yaohan, as well as spending privileges offered by well-known businesses at Lan Kwai Fong and V City market. These promotions help to raise brand awareness while helping local businesses.
Meanwhile, UnionPay is continuously working to make UnionPay card the first choice of payment for Hong Kong residents abroad. It offers exclusive privileges such as global restaurant reservations, airport VIP lounges and taxi services. The UnionPay tourism tips website, which has online activities with rewards, offers Hong Kong residents abroad visitor information such as exchange rates and weather forecasts.
For UnionPay’s future development, Carlson Li says the next target is to constantly increase brand awareness. First, UnionPay will continuously grow its issued card base, and launch various value-added services for different segments of users. Second, it will offer privileges at overseas destinations popular among Hong Kong residents. Third, it will introduce more innovative products and services, so that UnionPay Card products can keep pace with the latest payment trends.
