- Quick Pass redirects here. For the toll transponder system in North Carolina, also called Quick Pass, see North Carolina Turnpike Authority.
|Headquarters||Pudong, Shanghai, China|
|Members||296 (232 in China)|
Number of employees
China UnionPay (Chinese: 中国银联; pinyin: Zhōngguó Yínlián), also known as UnionPay (Chinese: 银联; pinyin: 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). 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.
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. 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.
Upon the introduction of EMV chips into China UnionPay cards, many banks also introduced QuickPass (Chinese: 闪付) a contactless payment feature similar to MasterCard's PayPass or Visa's payWave. However, unlike MasterCard or Visa's implementation, in the case of debit cards, QuickPass does not operate on a trust-based system, but rather as a stored-value card (similar to girogo/GeldKarte in Germany).
Payments by QuickPass-enabled debit cards can only be made using funds which have been "withdrawn" (圈存) from the account and stored on the card itself as electronic cash (essentially preauthorising the funds for use, eliminating the possibility that an offline transaction may exceed the account holder's balance) .
UnionPay cards can be used in 141 countries and regions around the world, making it the third-largest payment network by value of transactions processed, behind Visa and MasterCard. 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.
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. 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. As of early 2013, the cross acceptance agreement was expanded to support e-commerce or card-not-present transactions.
In March 2010 PayPal announced a partnership with China UnionPay enabling the use of PayPal with UnionPay member cards.
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UnionPay is the primary network of these Chinese banks:
- Agricultural Bank of China
- Bank of China (including its Hong Kong-based subsidiary Nanyang Commercial Bank)
- Bank of Communications (Credit cards co-issued with HSBC)
- Bank of Ningbo
- Bank of Shanghai
- Beijing Commercial Bank
- China Construction Bank
- China Everbright Bank
- China CITIC Bank
- China Merchants Bank
- China Minsheng Banking Corporation
- Guangdong Development Bank
- Huaxia Bank (Credit cards co-issued with Deutsche Bank)
- Industrial Bank (Credit cards co-issued with Hang Seng Bank)
- Industrial and Commercial Bank of China (ICBC)
- Postal Savings Bank of China (formerly known as the China Postal Savings and Remittance Bureau)
- Shanghai Pudong Development Bank
- Shenzhen Development Bank
- Shenzhen Ping An Bank
- Taizhou City Commercial Bank
Other UnionPay-affiliated organizations include municipal commercial banks as well as rural credit cooperatives. Overall, there are 165 financial institutions that issue UnionPay cards.
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]:
- Standard Chartered Bank
- Bank of East Asia
- Hang Seng Bank
- Woori Bank (as of May 2009)
- Development Bank of Singapore (as of July 2009)
- Hana Bank (as of November 2009)
- OCBC Wing Hang Bank (as of 2010)
- OCBC Bank (as of 2010)
UnionPay in other countries:
- Mitsui Sumitomo Bank offers a UnionPay credit card in Japan.
- Mitsubishi UFJ NICOS offers a UnionPay credit card in Japan.
- Shinhan Bank offers a UnionPay credit card in the Republic of Korea.
- Lotte Card offers a UnionPay credit card in the Republic of Korea.
- Baiduri Bank offers a UnionPay debit card in Brunei
- Vostochny Express Bank offers both UnionPay credit & debit cards in Russia.
- United Overseas Bank offers a UnionPay credit card in Singapore.
- DBS Bank offers a UnionPay debit card in Singapore.
- Bank Sinarmas offers a UnionPay credit card in Indonesia
- Banco de Oro offers a UnionPay credit card in Philippines
- Kasikornbank offers a UnionPay credit card in Thailand
- Bangkok Bank offers a UnionPay credit card in Thailand
- Krung Thai Bank offers a UnionPay debit card in Thailand
- 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.
- "Strong Measures to be Taken to Achieve the Target of Connecting Bank-Card Networks This Year". People's Bank of China. 2002-03-27. Archived from the original on June 6, 2008. Retrieved 2009-09-27.
- 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.
- "Purchase Transactions Worldwide". The Nilson Report. 2015-03-01. Retrieved 2016-03-08.
- "China UnionPay extends coverage globally". Xinhua news agency. 2006-02-02. Retrieved 2009-09-27.
- "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.
- "Big Database of Credit Offers: Cards Accepted in the United States". wistex. Retrieved 2009-09-27.
- "DBS, UnionPay launch debit card to help visitors to China". The Straits Times. May 17, 2016. Retrieved August 22, 2016.