Chinese bank card giant UnionPay is fast expanding its overseas presence in terms of cards issued abroad as well as transaction volumes.
Data just released by UnionPay indicates that more than 100 million UnionPay cards have been issued outside of China in 48 different countries and regions, while transaction volumes involving overseas UnionPay cards saw a YoY increase of 40% for the period from January to September 2018.
Nations participating in Beijing’s Belt and Road scheme have emerged as key areas for the issuance of new UnionPay cards, with more than 35 million cards issued in the over 30 countries involved in the initiative, for a 20-fold increase compared to just before its launch.
Around a dozen banks in Russia have also issued more than 1.5 million UnionPay cards, while UnionPay cards occupy a leading market position in countries Laos, Mongolia and Myanmar.
