What is UnionPay? UnionPay In-Depth Guide

UnionPay is a Chinese payment brand and the world’s fastest-growing card scheme. It is quickly spreading around the world, with more than 9 billion cards being given out in 181 countries and regions.

Previously, UnionPay was called China UnionPay, or CUP. It is China’s only bankcard association and an important part of China’s banking system. This is because it makes e-transfers possible and links all of the country’s ATMs.

The card scheme offers prepaid, commercial, theme, premium, debit, and credit cards. They can be used for mobile and online payments. It also offers payment options, such as:

  • Mobile point-of-sale (mPOS)
  • Integrated circuit (IC) cards
  • Business-to-business (B2B) platform that works across borders

Therefore, UnionPay payment has a big influence in Asia, Europe, the United States, and Africa. It now has 45% of the world card spending market, more than Visa and Mastercard combined. Partnerships and projects that UnionPay works on have helped it be successful.

How Does UnionPay Work?

UnionPay offers many solutions in terms of payment, from digital bank cards to B2B, for individuals and businesses. Users can get digital bank cards and handle them online using the UnionPay App, other bank apps, such as the Jeton App, or mobile wallets.

You can manage your money, make purchases, and pay things online through UnionPay cards. Therefore, they have wide use. They also have extra security features. These features include:

  • Mobile QuickPass payments
  • QR code payments
  • Tokenization

Features of UnionPay

UnionPay helps businesses in many ways, and there are more than 9 billion cards in use. Therefore, it is the world’s biggest issuer of payment cards.

People from China, including students and tourists, make up a big market. Hence, businesses that don’t accept UnionPay miss a great chance. Here are the great features of UnionPay:

  • It is now possible to use UnionPay in 181 countries and areas around the world.
  • UnionPay offers partnership options and makes the payment process better for cardholders.
  • 170 foreign wallets can be used at Chinese businesses that accept UnionPay. This is especially beneficial for travellers around the world.
  • UnionPay payment offers advanced security measures to lower the risk of negative circumstances. For companies, this means a safe way to accept payments. As it helps them build trust with customers.
  • Businesses that accept UnionPay have access to more Chinese customers and can take advantage of the huge outbound tourist market.
  • UnionPay’s real-time authorization and settlement processes cut down on transaction delays and complexity. This makes it a good choice, especially for companies.

What is a UnionPay Card?

There are different types of UnionPay cards, including UnionPay Debit Card, UnionPay Credit Card, UnionPay Prepaid Card, UnionPay Commercial Cards, UnionPay Premium Cards, and UnionPay Theme Cards.

UnionPay Debit Card

UnionPay Debit cards are a safe and easy way to pay for things online. They can also be used when travelling abroad instead of cash or checks.

By connecting a bank account to a UnionPay debit card, they make things easier and safer. You can get the cards with either a PIN or your signature.

They can be used at ATMs, to buy things at stores, online, through PCT, to get your tax return, and more. UnionPay has the world’s largest PIN-based network, which protects users’ money by requiring a PIN.

UnionPay Credit Card

UnionPay Credit Card is a flexible credit line with “Purchase Now and Pay Later” for daily transactions. ATM access, POS purchases, pre-authorization, MO/TO, and recurring transactions are supported.

Cardholders can choose PIN or signature authentication for flexibility and security. Also, work and life are easier with UnionPay premium credit cards.

UnionPay Prepaid Card

UnionPay Prepaid Cards are a safe, easy, and profitable way to pay instead of cash. They can be used with or without KYC (Know Your Customer) requirements and can handle both non-reloadable and reloadable cards.

You can use them online or offline, at an ATM, to buy things at a store, through pre-authorization, for regular transactions, or to send money to someone else. Customised prepaid card options are possible thanks to UnionPay’s flexible cooperation model.

UnionPay Commercial Cards

With the UnionPay Commercial Card, UnionPay International gives businesses a one-stop option. This card helps cut costs, makes management more effective, and makes sure that business travellers are comfy. There are four types of UnionPay Commercial Cards:

  • The UnionPay Business Card is for small businesses, sole owners, and entrepreneurs.
  • UnionPay Corporate Card
  • The UnionPay Corporate Card provides detailed reports and full VAT management.
  • The UnionPay Purchasing Card helps businesses keep an eye on how much their employees spend.
  • The B&R Commercial Card makes special cards for countries along the Belt and Road, making trade, business trips, and buying easier.

UnionPay Premium Cards

UnionPay Premium Cards offer many benefits and come in two types:

  • The UnionPay Diamond Card comes with UnionPay World privileges. These include: China VIP healthcare, entry to over 800 VIP airport lounges around the world, and personalised insurance and advisory services.
  • The UnionPay Platinum Card scheme gives cardholders who are valuable and picky special benefits. These include: entry to over 800 VIP airport lounges around the world; world privileges; and exclusive concierge services.

UnionPay Theme Cards

There are four kinds of UnionPay Theme Cards: Asia Prestige, Travel Mate Asia, Travel Mate. China, and the “Tour South Korea” prepaid card.

  • Asia Prestige gives you access to more than 1,000 airport lounges and limo services.
  • Travel Mate. Asia gives you discounts at famous tourist spots, on local transportation, and on mobile Internet services.
  • The Travel Mate. China is for people from other countries who want to visit China’s most popular vacation spots.
  • Expresspay Card and BC Card work together to give out the “Tour South Korea” prepaid card.

Security Measures of UnionPay

UnionPay offers high-technology security. Some important security measures of UnionPay are:

  • EMV chip technology
  • Tokenization
  • Dynamic authentication
  • Real-time risk management
  • Network security
  • Data centre security
  • Fraud prevention systems
  • PCI DSS compliance

Additionally, it generates unique transaction numbers. Therefore, it is hard to replicate the chip cards. China UnionPay also uses advanced algorithms, such as velocity checks, location analysis, and behavioural profiling, to look at activities in real time.

For high-value deals, you may need to use more than one way to prove who you are. Other security measures, such as strong encryption protocols and physical access controls, are also to keep an eye on transactions and look for patterns that could be signs of hacking efforts.

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