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How UnionPay International is going to entice.
UnionPay: when it will work and what to expect.
Back in early June of this year, UnionPay International announced its desire to enter the market, and on November 13 it became known that the National Bank had agreed on the conditions and procedure for the operation of the payment system.
The PaySpace Magazine editors figured out what UnionPay International is and what the system is ready to offer.
What is UnionPay
UnionPay International (UPI) is a subsidiary of China's national payment system, China UnionPay, but aims to grow and support global businesses outside of China. The system has been operating since 2002. UPI provides services in 170 countries, payment cards of the system are issued in 48. In addition, UPI has more than 1800 partner financial institutions around the world.
UnionPay International provides cross-border payment, shopping and merchandise payment capabilities. The main competitors of the system are Visa and Mastercard, from which the Chinese system is trying to take away the share of customers, who are becoming more and more every year. And these attempts are quite successful, not least at the expense of the people of China. This is also confirmed by statistics.
UPI is positive about collaborating with local companies and institutions to create joint fintech products. For example, in cooperation with the Cargills Group, the payment system has created functionality for QR payments in Sri Lanka, in cooperation with NETS, it has allowed Singaporean consumers to make online payments abroad. In addition, UnionPay has partnered with the British Museum to cater to Chinese tourists and increase their numbers in London.
UnionPay International
The emergence of a Chinese payment system could be the first step towards further improving trade relations between China. This is especially true now, when, according to the Ministry of Economic Development and Trade, in the first eight months of 2021, the trade between China amounted to $ 6 billion and increased by 21%.
The entry into the financial market of the international payment system UnionPay International will increase competition in the payment services market, give a new impetus to improve the quality of financial services, speed up trade and economic processes between China, create more comfortable conditions for cashless payments to foreigners (especially from the Asian region ), who travel in And will also contribute to the growth of investment attractiveness.
In addition, on November 8, Minister of Economic Development and Trade Stepan Kubiv met with Vice Premier of the State Council of China Liu He, where he voiced a proposal to start joint consultations on the conditions for creating a China free trade zone.
At the first stages of its presence, UnionPay will provide acquiring, as well as issue cash. The NBU also reports that in the future it is planned to issue UnionPay cards by banks. The first to announce such a desire was the state-owned PrivatBank.
Signing of a letter of intent between PrivatBank and UnionPay International.
Within the framework of cooperation with the Chinese payment system, PrivatBank plans to service cards in the network of ATMs and payment terminals of the bank. It also reported a desire to develop collaborative innovative payment products. The bank is planning to start accepting cards in the spring of next year.
As PrivatBank told PaySpace Magazine, obtaining membership in UnionPay is at the final stage: all documents are already ready and pre-checked by both parties, in fact, it remains to receive several signatures. At the moment, without waiting for the end of this procedure, work is underway on an integration plan, and in the near future the practical implementation of this process will begin.
UnionPay has accumulated rich experience in the development of innovative payments, implementation of smart city projects, financial integration and is ready to participate in the development of the payment industry, providing UnionPay cardholders with even more modern and secure payment services
If we talk about the issue, PrivatBank reported that at the moment they have not arrived at the final version of the card product. Today, both with partners and within the institution, the concept of a new type of cards is being discussed. The bank believes that in the future the card can be very attractive to the client due to additional benefits. What advantages are in question has not yet been reported.
The main question that arises is who will use UnionPay cards before banks start issuing them. According to the State Statistics Service, about 29.6 thousand Chinese citizens visited in 2017. This is quite a bit, considering that in total about 14.2 million people visited our country last year.
As the NBU informed PaySpace Magazine, the start of the issue of payment cards of this payment system will directly depend on the achievement of specific agreements between the interested banks-issuers of payment cards and UnionPay. Then we'll see if the new system will be able to offer something radically new in comparison with Visa and Mastercard.
UnionPay: when it will work and what to expect.
Back in early June of this year, UnionPay International announced its desire to enter the market, and on November 13 it became known that the National Bank had agreed on the conditions and procedure for the operation of the payment system.
The PaySpace Magazine editors figured out what UnionPay International is and what the system is ready to offer.
What is UnionPay
UnionPay International (UPI) is a subsidiary of China's national payment system, China UnionPay, but aims to grow and support global businesses outside of China. The system has been operating since 2002. UPI provides services in 170 countries, payment cards of the system are issued in 48. In addition, UPI has more than 1800 partner financial institutions around the world.
UnionPay International provides cross-border payment, shopping and merchandise payment capabilities. The main competitors of the system are Visa and Mastercard, from which the Chinese system is trying to take away the share of customers, who are becoming more and more every year. And these attempts are quite successful, not least at the expense of the people of China. This is also confirmed by statistics.
UPI is positive about collaborating with local companies and institutions to create joint fintech products. For example, in cooperation with the Cargills Group, the payment system has created functionality for QR payments in Sri Lanka, in cooperation with NETS, it has allowed Singaporean consumers to make online payments abroad. In addition, UnionPay has partnered with the British Museum to cater to Chinese tourists and increase their numbers in London.
UnionPay International
The emergence of a Chinese payment system could be the first step towards further improving trade relations between China. This is especially true now, when, according to the Ministry of Economic Development and Trade, in the first eight months of 2021, the trade between China amounted to $ 6 billion and increased by 21%.
The entry into the financial market of the international payment system UnionPay International will increase competition in the payment services market, give a new impetus to improve the quality of financial services, speed up trade and economic processes between China, create more comfortable conditions for cashless payments to foreigners (especially from the Asian region ), who travel in And will also contribute to the growth of investment attractiveness.
In addition, on November 8, Minister of Economic Development and Trade Stepan Kubiv met with Vice Premier of the State Council of China Liu He, where he voiced a proposal to start joint consultations on the conditions for creating a China free trade zone.
At the first stages of its presence, UnionPay will provide acquiring, as well as issue cash. The NBU also reports that in the future it is planned to issue UnionPay cards by banks. The first to announce such a desire was the state-owned PrivatBank.
Signing of a letter of intent between PrivatBank and UnionPay International.
Within the framework of cooperation with the Chinese payment system, PrivatBank plans to service cards in the network of ATMs and payment terminals of the bank. It also reported a desire to develop collaborative innovative payment products. The bank is planning to start accepting cards in the spring of next year.
As PrivatBank told PaySpace Magazine, obtaining membership in UnionPay is at the final stage: all documents are already ready and pre-checked by both parties, in fact, it remains to receive several signatures. At the moment, without waiting for the end of this procedure, work is underway on an integration plan, and in the near future the practical implementation of this process will begin.
UnionPay has accumulated rich experience in the development of innovative payments, implementation of smart city projects, financial integration and is ready to participate in the development of the payment industry, providing UnionPay cardholders with even more modern and secure payment services
If we talk about the issue, PrivatBank reported that at the moment they have not arrived at the final version of the card product. Today, both with partners and within the institution, the concept of a new type of cards is being discussed. The bank believes that in the future the card can be very attractive to the client due to additional benefits. What advantages are in question has not yet been reported.
The main question that arises is who will use UnionPay cards before banks start issuing them. According to the State Statistics Service, about 29.6 thousand Chinese citizens visited in 2017. This is quite a bit, considering that in total about 14.2 million people visited our country last year.
As the NBU informed PaySpace Magazine, the start of the issue of payment cards of this payment system will directly depend on the achievement of specific agreements between the interested banks-issuers of payment cards and UnionPay. Then we'll see if the new system will be able to offer something radically new in comparison with Visa and Mastercard.
