China UnionPay

China UnionPay

Featured Knowledgebase
04/03/2020 by Koinal
China UnionPay is the world’s largest financial debit and credit card service. Now, Koinal customers can enjoy all the benefits offered by China UnionPay.
China Union Pay

You are already familiar with many cryptocurrency platforms, but do those platforms have China UnionPay (CUP) collaboration? It’s excellent news for Koinal customers though because the CUP is available to all the Koinal Customers. Hurrah! But you must be wondering, what exactly is China UnionPay (CUP) right? Then let’s find out!

What is China UnionPay?

In the world of banking, many corporations provide banking card services. Among those companies, China UnionPay holds the crown. China UnionPay, or CUP for short, is the world’s most effective card network service that has issued over 7 billion cards. This service is widely enjoyed by Chinese shoppers domestically as well as internationally. If you are thinking about its competitors, then don’t. China UnionPay is the only credit and debit card service in China.

What Does it Do?

China UnionPay offers various online payment methods through credit and debit cards. This online financial corporation operates bank trading systems. The commercial organization manages and sets up an inter-bank information exchange network, nationally. Besides, this service provides withdrawing and deposition of payment, money, transferring, and all the other banking services that you would expect from such a giant. 

According to the China UnionPay, around 28.5 million merchants across mainland China have started accepting UnionPay cards. Further, with this service, UnionPay cardholders can pay at HEYTEA in Singapore by scanning the UnionPay QR code; they can take Moscow Metro in Russia with just a free tap. They can even claim tax refunds at the airport in Rome. Pretty amazing right?

China UnionPay Partners with Tribe Payment

China UnionPay doesn’t stop with just China; it has joined hands with Tribe Payments, a UK based tech startup that enables FinTechs and banks to offer companies and individuals branded cards.

This expansion of China UnionPay outside mainland China is due to the increased competition from Tencent’s WeChat, and Ant Financial’s Alipay.

For the company to expand in Europe, it is teaming up with various third parties such as FinTechs and other banks, with their transaction being handled by firms like Tribe Paymer – a payment processing firm.

Why is China UnionPay Important?

China UnionPay aims at crafting a parallel order that will complement and challenge the current international financial institution. 

With China UnionPay, China seeks to enhance international actors like Mastercard and VISA. In addition, with the power of UnionPay, China’s domestic banks can facilitate its customers in 140 or more countries; hence, making it the second-biggest payment network in terms of the transaction after Visa.

In fact, with its 4.5 billion cards across the globe, China UnionPay has become a symbol for China’s profile.

In addition, it is used by 80% of the debit cards, which accounts for around 72% of the total transaction.

What are the Benefits?

It would help if you were bored with all the history lessons. Let’s jump right into what are its benefits then. 

  • With China UnionPay, credit and debit cards are accepted in the in-app and online store. 
  • It has support and acceptance of around 125 plus markets. 
  • You can gain access to Chinese shoppers abroad and at home. 
  • Offers SecurePlus, SecurePay, or ExpressPay, depending on what you want. 
  • Has the ability to verify your shopper. 
  • Provides the full support of UnionPay credit and debit cards on authentic EMV sale terminal. 

What Does This Mean for Koinal?

Now, for the big question, what does this mean for Koinal?

With our collaboration with China UnionPay collaboration, Koinal customers can gain all the benefits that come with UnionPay services. 

If you are in China, Russia, or Singapore, don’t worry! At Koinal, our customers can use China UnionPay to purchase Bitcoins, Bitcoin Cash, Litecoin, Ripple, and Ethereum. 

The process is not only fast, but it is also reliable and secure. 

Thus, for Koinal customers, it means more dynamic payment methods with an exceptional level of flexibility.

Final Verdict

The availability of China UnionPay for Koinal customers is another key achievement of this great platform.

Now, Koinal customers can enjoy all the benefits offered by China UnionPay.

So, what are you waiting for? Head on to Koinal and take advantage of all the services we have to offer!

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