China UnionPay Reduces Processing Fees for Small Businesses

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Chinese payments giant UnionPay has announced a reduction in fees for small businesses, as part of a broader push for greater financial inclusion within China.

China UnionPay Merchant Services, a subsidiary of China UnionPay, recently issued a notice announcing that from 30 September 2021 to 29 September 2024 qualified commercial proprietors will enjoy discounts for payments processing fees.

This will include a 10% discount for online payments transactions made by micro-and-small enterprises and individual industrial and commercial proprietors compared to the fee schedule dating from 25 June 2021.