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# {{note|Links}} [http://www.pbc.gov.cn/english//detail.asp?col=6400&ID=77 Strong Measures to be Taken to Achieve the Target of Connecting Bank-Card Networks This Year], [[People's Bank of China]] Press Release, [[March 27]], [[2002]]
# {{note|Links}} [http://www.pbc.gov.cn/english//detail.asp?col=6400&ID=77 Strong Measures to be Taken to Achieve the Target of Connecting Bank-Card Networks This Year], [[People's Bank of China]] Press Release, [[March 27]], [[2002]]
# {{note|Foreign}} [http://news.xinhuanet.com/english/2006-02/04/content_4133801.htm China UnionPay extends coverage globally], [[Xinhua news agency]], [[February 2]], [[2006]]
# {{note|Foreign}} [http://news.xinhuanet.com/english/2006-02/04/content_4133801.htm China UnionPay extends coverage globally], [[Xinhua news agency]], [[February 2]], [[2006]]
# {{note|Discover}} [http://www.pbc.gov.cn/english//detail.asp?col=6400&ID=617&keyword=discover China UnionPay accepted in U.S. on Discover/Pulse networks], People's Bank of China Press Release, December 6, 2005.
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Revision as of 00:31, 12 August 2006

China UnionPay logo
China UnionPay logo

China UnionPay (Chinese: 中国银联), also known as UnionPay (Chinese: 银联) or by its abbreviation, CUP, is the only credit card organization in the People's Republic of China (PRC). Founded in March 2002, China UnionPay is an association for China's banking card industry, operating under the approval of the PBOC. It is also the only interbank network in China excluding Hong Kong and Macau, linking the ATMs of some fourteen major banks and many more smaller banks throughout mainland China. It is also an EFTPOS network.

History

Template:Sect-num-stub With the approval of the People's Bank of China, China UnionPay was launched on March 26, 2002 in Shanghai by PBOC governor Dai Xianglong, with the Industrial and Commercial Bank of China, the Agricultural Bank of China, the Bank of China and the China Construction Bank serving as its first members.[1] However, the concept of a unified Chinese bank card network dates back to 1993, with the formation of the "Golden Card Project" advocated by then-Chinese president Jiang Zemin. UnionPay is considered the descendant of the Golden Card Project, although attempts at unifying China's various credit card and interbank networks have been in place since the 1990s.[2]

Use abroad

While China UnionPay cards are making great inroads outside China, they are not widely accepted as of yet. However, since 2006, China UnionPay cards can be used in over twenty further countries outside China, including the United States, Japan, Singapore, Malaysia, Thailand, Germany, France, and Australia.[3] UnionPay cards are also making inroads into other countries' interbank networks, with some networks, such as BancNet in the Philippines, already accepting UnionPay cards at the ATM level.

  • United States - Citibank accepts UnionPay cards at ATMs for USD withdrawal. In May 2005 Discover Network announced an alliance with China UnionPay Network. The two companies have signed a long-term agreement that allows acceptance of Discover Network brand cards at UnionPay ATMs and point-of-sale terminals in China and acceptance of China UnionPay cards on the PULSE network in the U.S.
  • Vietnam - East Asia Development Bank accepts UnionPay cards at ATMs for VND withdrawal
  • Thailand - Kasikorn Bank accepts UnionPay cards at ATMs (yellow in color) for Thai Bhat withdrawls as well as TMB Bank ATMs (blue and red in color)

Members

UnionPay is the primary network of the following banks listed below:

Other UnionPay-affiliated organizations include the China Postal Savings and Remittance Bureau, certain municipal commercial banks as well as rural credit cooperatives. Other financial institutions in cities that are already capable of issuing cards will issue UnionPay cards in succession. Overall, there are 165 financial institutions that issue UnionPay cards.

Outside China, UnionPay has partnerships with other ATM networks. UnionPay has a partnership with JETCO in Hong Kong and Macau, both of which are not included in the UnionPay system, although this ended as of January 1, 2006. UnionPay also has affiliations with other banks' networks: this is identified with a UnionPay sticker being displayed usually on the door of the ATM room or on the ATM itself. The sticker has the UnionPay logo and the words "Welcome to use China UnionPay cards" displayed on the bottom in English and Chinese.

UnionPay credit cards are not yet widely accepted outside mainland China; however, they are starting to gain acceptance in the United States, Western Europe, East Asia and Southeast Asia.

References