UnionPay’s Network Transfer Transactions Rise 54.3% YoY in 2019

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China UnionPay’s latest transactions data points to a surge of over 50% in the value of its network transfer transactions (网络转接交易) in 2019.

According to UnionPay the value of its network transfer transactions rose 54.3% YoY in 2019 to hit 189.4 trillion yuan in total.

UnionPay said that its popularity amongst customers both in China and abroad is increasing, with the spread of new mobile payments methods including UnionPay’s Cloud Flash Payments (云闪付) (Yunshanfu) app, mobile flash payments and UnionPay QR codes.

According to UnionPay the Yunshunfu app has become the one app with the largest number of users in the Chinese financial system, amassing over 240 million registered users since its launch two years ago.

The app permits cross-bank accounts management, and supports free balance inquiries with 610 different banks, as well as inquiries for the credit cards of 150 banks.

Consumers can use the Yunshanfu app to apply for 300 different types of credit cards with more than 30 different financial institutions, including ICBC, Agricultural Bank of China, Bank of China, China Construction Bank, Bank of Communications, China CITIC Bank, Shanghai Pudong Development Bank, Ping An Bank and Huaxia Bank.

UnionPay has also introduced its mobile payments systems to the public transit systems of over 1600 municipalities.

Since 2019 UnionPay Passenger Codes (银联乘车码), UnionPay Mobile Shanfu (银联手机闪付) and UnionPay IC Card Shanfu (银联手机闪付) have been incorporated into the metro systems of cities including Beijing, Hangzhou, Chengdu, Harbin, Zhengzhou, Nanchang and Xi’an.

UnionPay has achieved full coverage of the urban public transit systems of over ten provinces, including Guangdong, Zhejiang, Jiangsu, Anhui, Fujian and Hubei.

UnionPay’s processing network has also expanded abroad in recent years, spreading to 178 countries and regions and more than 56 million vendors abroad. A total of over 130 million UnionPay cards have been issued overseas.

UnionPay’s mobile payments services have also expanded abroad, with 53 UnionPay e-wallet products available in 13 countries, and 4 million overseas vendors capable of processing UnionPay mobile shanfu or UnionPay QR codes.

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