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{{Cleanup section|date=January 2017|reason=Too much information.}}
{{Cleanup section|date=January 2017|reason=Too much information.}}


The CUP logo originated in China prior to the establishment of the CUP network system development early trial run, with a computer and graphics background of the trial operation of the person in accordance with the multiple unity, Heiner Sea, stable development of the concept of vision, commonly known as "angel color". Red, blue, green ternary color block design represent the integrity of cooperation, steady flow, safety assurance, and accompanied by white in Chinese characters "UnionPay." The logo was first registered in 1997 and launched in Shenzhen trial, the establishment of China UnionPay transferred to China UnionPay.
The CUP logo originated in China prior to the establishment of the CUP network system development early trial run, with a computer and graphics background of the trial operation of the person in accordance with the multiple unity, Heiner Sea, stable development of the concept of vision, commonly known as "angel color". The red, blue, and green color block design was to represent the integration of cooperation, steady flow, and safety assurance. It is accompanied by the Chinese characters for "UnionPay" in white. The logo was first registered in 1997 and launched in Shenzhen trial, the establishment of China UnionPay transferred to China UnionPay.{{Citation needed|date=May 2018}}


China UnionPay started limited trial card distribution in March 2001 and the China UnionPay officially opened. By January 2002, many banks and financial institutions began a larger trial in Beijing, Shanghai, Guangzhou, Hangzhou, Shenzhen and other five cities issued with the UnionPay logo bank cards, which gradually extended to the entire country.
China UnionPay started limited trial card distribution in March 2001 and the China UnionPay officially opened. By January 2002, many banks and financial institutions began a larger trial in Beijing, Shanghai, Guangzhou, Hangzhou, Shenzhen and other five cities issued with the UnionPay logo bank cards, which gradually extended to the entire country.
Line 49: Line 49:
On October 18, 2005, China UnionPay announced a new logo, the new card keeps three-color blocks of the old logo with other local elements being adjusted. As well as an increased usage of the English UnionPay wordmark. At present, both card styles are in circulation, with the old identity of the UnionPay cards gradually being replaced.
On October 18, 2005, China UnionPay announced a new logo, the new card keeps three-color blocks of the old logo with other local elements being adjusted. As well as an increased usage of the English UnionPay wordmark. At present, both card styles are in circulation, with the old identity of the UnionPay cards gradually being replaced.


In the use of the UnionPay logo, due to CUP worried about the use of the new logo will be due to the promotion of overseas and the old logo is different from overseas merchants refused to accept UnionPay cards, therefore unified domestic debit card and RMB single currency credit card use new logo, international debit Cards and dual currency credit cards still use the old logo. Until the beginning of 2009 dual-currency credit card banks began to gradually replace the use of new UnionPay logo.
CUP was initially concerned that overseas merchants would fail to recognise the new logo to accept UnionPay cards. Therefore for a period, unified domestic debit and RMB single currency credit cards used new logo, while international debit cards and dual currency credit cards still used the old logo. Until the beginning of 2009 dual-currency credit card banks began to gradually replace the use of new UnionPay logo.{{Citation needed|date=May 2018}}


==QuickPass==
==QuickPass==
Line 57: Line 57:


== Online payments ==
== Online payments ==
UnionPay is China's first financial-level pre-authorization service for secured transactions. The system allows payment for online shopping at any merchant that accepts UnionPay. During 2014, the total amount of cross-bank transactions of CUP card exceeded 41.1 trillion yuan.
UnionPay is China's first financial-level pre-authorization service for secured transactions. The system allows payment for online shopping at any merchant that accepts UnionPay. During 2014, the total amount of cross-bank transactions of CUP card exceeded 41.1 trillion yuan.{{Citation needed|date=May 2018}}


==Use abroad==
==Use abroad==
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In {{Date|March 2010}}, [[PayPal]] announced a partnership with China UnionPay enabling the use of PayPal with UnionPay member cards.{{Citation needed|date=November 2017}}
In {{Date|March 2010}}, [[PayPal]] announced a partnership with China UnionPay enabling the use of PayPal with UnionPay member cards.{{Citation needed|date=November 2017}}


In 2015, China’s [[State Administration of Foreign Exchange]] (SAFE) placed a 100,000 yuan annual cap on overseas
In 2015, China’s [[State Administration of Foreign Exchange]] (SAFE) placed a 100,000 yuan annual cap on overseas UnionPay (Issued by China's bank) cash withdrawals.<ref>{{Cite news|url=http://www.scmp.com/business/companies/article/1862276/chinas-safe-slaps-cap-overseas-unionpay-cash-withdrawal|title=China’s SAFE slaps 100,000 yuan annual cap on overseas UnionPay cash withdrawals|work=South China Morning Post|access-date=2018-04-19|language=en}}</ref>
use UnionPay (Issued by China's bank) cash withdrawals.<ref>{{Cite news|url=http://www.scmp.com/business/companies/article/1862276/chinas-safe-slaps-cap-overseas-unionpay-cash-withdrawal|title=China’s SAFE slaps 100,000 yuan annual cap on overseas UnionPay cash withdrawals|work=South China Morning Post|access-date=2018-04-19|language=en}}</ref>


In November 2017, Azoya teamed up with UnionPay to enable consumers in China to profit from the Black Friday online shopping festival via a cross-border marketing platform.<ref>{{Cite news|url=http://wwd.com/business-news/retail/azoya-unionpay-deal-11055490/|title=Azoya Teams With UnionPay to Help International Retailers Leverage Black Friday Sales|last=Zaczkiewicz|first=Arthur|date=2017-11-22|work=WWD|access-date=2017-11-23|language=en-US}}</ref>
In November 2017, Azoya teamed up with UnionPay to enable consumers in China to profit from the Black Friday online shopping festival via a cross-border marketing platform.<ref>{{Cite news|url=http://wwd.com/business-news/retail/azoya-unionpay-deal-11055490/|title=Azoya Teams With UnionPay to Help International Retailers Leverage Black Friday Sales|last=Zaczkiewicz|first=Arthur|date=2017-11-22|work=WWD|access-date=2017-11-23|language=en-US}}</ref>

Revision as of 18:31, 8 May 2018

"Quick Pass" redirects here. For the toll transponder system in North Carolina, also called Quick Pass, see North Carolina Turnpike Authority.
UnionPay
Company typePublic
IndustryBanking, Finance
FoundedMarch 2002; 22 years ago (2002-03)
HeadquartersPudong,
Shanghai
,
China
Websitewww.unionpayintl.com/en/

UnionPay (Chinese: 银联; pinyin: Yínlián), also known as China UnionPay (Chinese: 中国银联; pinyin: Zhōngguó Yínlián) or by its abbreviation, CUP, is a Chinese financial services corporation headquartered in Shanghai, China. It provides bank card services and a major card scheme in mainland China. Founded on March 26, 2002, China UnionPay is an association for China's banking card industry, operating under the approval of the People's Bank of China (PBOC, central bank of China).[1] It is also the only interbank network in China that links all the ATMs of all banks throughout the country. It is also an EFTPOS (Electronic Funds Transfer at Point of Sale) network.

It is the largest card payment organisation (debit and credit cards combined) in the world, based on payment transactions, schemes and number of cards issued, ahead of Visa and MasterCard.[2][3] It also offers mobile and online payments.[4]

History

UnionPay decal on the door of a dining hall.

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.[5] 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.[6]

In 2014, UnionPay was reported to have been contributing to capital flight from China, through poorly regulated store front operations in Macau.[7]

Global alliance

Further information: Card reciprocal agreements

Starting around 2005, to increase acceptance around the world UnionPay has form several agreements with other payment networks. Some major examples include:

The CUP logo originated in China prior to the establishment of the CUP network system development early trial run, with a computer and graphics background of the trial operation of the person in accordance with the multiple unity, Heiner Sea, stable development of the concept of vision, commonly known as "angel color". The red, blue, and green color block design was to represent the integration of cooperation, steady flow, and safety assurance. It is accompanied by the Chinese characters for "UnionPay" in white. The logo was first registered in 1997 and launched in Shenzhen trial, the establishment of China UnionPay transferred to China UnionPay.[citation needed]

China UnionPay started limited trial card distribution in March 2001 and the China UnionPay officially opened. By January 2002, many banks and financial institutions began a larger trial in Beijing, Shanghai, Guangzhou, Hangzhou, Shenzhen and other five cities issued with the UnionPay logo bank cards, which gradually extended to the entire country.

On October 18, 2005, China UnionPay announced a new logo, the new card keeps three-color blocks of the old logo with other local elements being adjusted. As well as an increased usage of the English UnionPay wordmark. At present, both card styles are in circulation, with the old identity of the UnionPay cards gradually being replaced.

CUP was initially concerned that overseas merchants would fail to recognise the new logo to accept UnionPay cards. Therefore for a period, unified domestic debit and RMB single currency credit cards used new logo, while international debit cards and dual currency credit cards still used the old logo. Until the beginning of 2009 dual-currency credit card banks began to gradually replace the use of new UnionPay logo.[citation needed]

QuickPass

Quick Pass Logo

Upon the introduction of EMV chips into China UnionPay cards,[8] banks also introduced QuickPass (Chinese: 闪付) a Contactless smart card feature similar to MasterCard's PayPass or Visa's payWave. The QuickPass can work within many supermarkets and fast food stores and save plenty of time. Quickpass is also supported by several digital wallet providers such as Samsung Pay and Apple Pay.[9]

Online payments

UnionPay is China's first financial-level pre-authorization service for secured transactions. The system allows payment for online shopping at any merchant that accepts UnionPay. During 2014, the total amount of cross-bank transactions of CUP card exceeded 41.1 trillion yuan.[citation needed]

Use abroad

UnionPay cards can be used in 162 countries and regions around the world, making it the third-largest payment network by value of transactions processed, behind Visa and MasterCard.[10] Some UnionPay credit cards are also affiliated with American Express, MasterCard or Visa, and they can be used abroad as an American Express, MasterCard or Visa. UnionPay debit cards, however, can only be used in the UnionPay network and other networks that have signed contracts with UnionPay. Since 2006, China UnionPay cards can be used in over 100 countries outside China.[11]

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.[12] As of November 1, 2007, China UnionPay cards may be accepted where Discover Network Cards are accepted in the United States, Canada, Mexico, Central America and the Caribbean.[13] As of early 2013, the cross acceptance agreement was expanded to support e-commerce or card-not-present transactions.[citation needed]

In March 2010, PayPal announced a partnership with China UnionPay enabling the use of PayPal with UnionPay member cards.[citation needed]

In 2015, China’s State Administration of Foreign Exchange (SAFE) placed a 100,000 yuan annual cap on overseas UnionPay (Issued by China's bank) cash withdrawals.[14]

In November 2017, Azoya teamed up with UnionPay to enable consumers in China to profit from the Black Friday online shopping festival via a cross-border marketing platform.[15]

Members

UnionPay is the primary network of these Chinese banks:

Other UnionPay-affiliated organizations include municipal commercial banks as well as rural credit cooperatives. Overall, there are 165 financial institutions that issue UnionPay cards.[citation needed]

UnionPay had partnered with JETCO in Hong Kong and Macau until January 1, 2006. As of January 2013, Bank of East Asia and Citibank were the only banks allowed to independently issue UnionPay credit cards in Hong Kong and the mainland. HSBC and its subsidiary Hang Seng Bank independently issue UnionPay credit cards in Hong Kong, while they issue cards in the mainland in cooperation with local banks as noted above. Deutsche Bank only has co-issued cards, with no independently issued UnionPay credit cards.

The following ten foreign banks have the right to issue UnionPay debit cards in China[contradictory]:

UnionPay in other countries:

See also

References

  1. ^ "Introduction - UnionPay International". www.unionpayintl.com. Retrieved 2018-04-19. {{cite web}}: Cite has empty unknown parameter: |dead-url= (help)
  2. ^ "UnionPay takes top spot from Visa in $22 trillion global cards market - RBR". Finextra Research. 22 July 2016.
  3. ^ Inc., Moxian,. "Moxian, Inc. Signs Cooperation Agreement with China UnionPay Subsidiary -- Beijing Chinaums". www.prnewswire.com. {{cite news}}: |last1= has generic name (help)CS1 maint: extra punctuation (link) CS1 maint: multiple names: authors list (link)
  4. ^ "UnionPay offers secure and convenient payment service for Chinese students studying abroad". www.unionpayintl.com.
  5. ^ Dai Xianglong (2002-03-26). "Remarks by Mr. Dai Xianglong, Governor of the PBC at the Opening Ceremony of China Unionpay". People's Bank of China. Retrieved 2009-09-27.
  6. ^ Pomfret, James (11 March 2014). "Special Report: How China's official bank card is used to smuggle money". www.reuters.com. Thomson Reuters. Retrieved 11 March 2014.
  7. ^ "EMVCo Members". EMVCo. Retrieved 2018-04-19.
  8. ^ "Apple & China UnionPay to Bring Apple Pay to China". Apple Newsroom. Retrieved 2018-04-19.
  9. ^ "Purchase Transactions Worldwide". nilsonreport.com. 2015-03-01. Retrieved 2016-03-08.
  10. ^ "China UnionPay extends coverage globally". Xinhua news agency. 2006-02-02. Archived from the original on 2007-10-07. Retrieved 2009-09-27. {{cite news}}: Unknown parameter |deadurl= ignored (|url-status= suggested) (help)
  11. ^ "China UnionPay accepted in U.S. on Discover/Pulse networks". People's Bank of China. 2005-12-06. Archived from the original on 2007-03-16. Retrieved 2009-09-27. {{cite news}}: Unknown parameter |deadurl= ignored (|url-status= suggested) (help)
  12. ^ "Big Database of Credit Offers: Cards Accepted in the United States". wistex. Archived from the original on 2009-02-07. Retrieved 2009-09-27. {{cite news}}: Unknown parameter |deadurl= ignored (|url-status= suggested) (help)
  13. ^ "China's SAFE slaps 100,000 yuan annual cap on overseas UnionPay cash withdrawals". South China Morning Post. Retrieved 2018-04-19.
  14. ^ Zaczkiewicz, Arthur (2017-11-22). "Azoya Teams With UnionPay to Help International Retailers Leverage Black Friday Sales". WWD. Retrieved 2017-11-23.
  15. ^ "DBS, UnionPay launch debit card to help visitors to China". The Straits Times. May 17, 2016. Retrieved August 22, 2016.
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