UnionPay cross-border payments have witnessed another massive leap in transaction volume, this time during the May holidays between May 1st and May 3rd. The total volume of transactions in China and abroad using UnionPay cards was 43 billion U.S. dollars, an 18.7% increase year over year.
Cross-border UnionPay card transactions witnessed a strong growth in the Republic of Korea, Taiwan, Singapore and Japan. UnionPay China is responsible for all bank card transactions on the Chinese mainland and has extended its reach to 150 countries and regions.
Previously, during the Spring festival between Feb 18th and Feb 24th, UnionPay overseas transactions rose to nearly 50 percent as a yearly trend. The total volume of transactions using UnionPay cards at home and abroad was $38.7 billion.
Compared to 2014, card payments in transportation increased by about 95 percent year over year, while transactions in shopping and travel grew about 50 percent and 88 percent respectively.
During the spring holidays, cross-border UnionPay card transactions saw a remarkable growth in the Republic of Korea, the United States and other UnionPay-friendly markets. The local currency depreciation during the time influenced a large number of Chinese tourists to visit Japan, Russia and European countries.
With the UnionPay cross-border service, cardholders can withdraw cash and make purchases by swiping cards at nearly one million ATMs and more than 7 million merchants (POS) abroad. Cardholders can also shop directly at 8 million overseas online merchants through the internet.
Currently UnionPay can be used in 125 overseas countries and regions with a well-established network for ATM and debit card acceptance. When visiting these places for travel, business or study, cardholders can use UnionPay conveniently to withdraw cash in the local currency and swipe for payments.
UnionPay has also introduced a cross-border service for online payment that helps cardholders to shop directly across the border at nearly 8 million online merchants in Taiwan, Hong Kong, the U.S., Japan, Korea, Singapore, Australia, New Zealand and most countries and regions in Europe.
UnionPay Cardholders also enjoy special offers abroad such as:
- Exemption of currency conversion fee accounting for 1-2 percent of the UnionPay card swiping amount.
- Tourists swiping UnionPay Platinum Card at Starwood Hotels and Resorts such as Westin and Sheraton Hotel. Guests in Hawaii will enjoy free guest room upgrades.
- Swiping UnionPay card at Atlantis Hotel in the UAE will result in 20 percent off on preferential room rate and 15 percent off as a discount.