China UnionPay

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China UnionPay 中国银联
Operating area	China
Members	165
ATMs	86,000
Founded	2002

China UnionPay (simplified Chinese: 中国银联), also known as UnionPay (Chinese: 银联) or by its abbreviation, CUP, is the only domestic credit card organization in the People's Republic of China (PRC). Founded in March 2002, China UnionPay is an association for China's banking card industry, operating under the approval of the PBOC. It is also the only interbank network in China excluding Hong Kong and Macau, linking the ATMs of some fourteen major banks and many more smaller banks throughout mainland China. It is also an EFTPOS network.

[edit] History

With the approval of the People's Bank of China, China UnionPay was launched on March 26, 2002 in Shanghai by PBOC governor Dai Xianglong, with the Industrial and Commercial Bank of China, the Agricultural Bank of China, the Bank of China and the China Construction Bank serving as its first members.^[1] However, the concept of a unified Chinese bank card network dates back to 1993, with the formation of the "Golden Card Project" advocated by then-Chinese president Jiang Zemin. UnionPay is considered the descendant of the Golden Card Project, although attempts at unifying China's various credit card and interbank networks have been in place since the 1990s.^[2]

[edit] Use abroad

Almost all UnionPay Credit Cards are also affiliated with either MasterCard or VISA, and they can be used abroad as a regular Mastercard or VISA. UnionPay Debit Cards, however, can only be used in the UnionPay network and a few other networks that have signed contracts with UnionPay. While China UnionPay cards are making great inroads outside China, they are not widely accepted as of yet. However, since 2006, China UnionPay cards can be used in over twenty further countries outside China, including the United States, Japan, Singapore, Malaysia, Thailand, Germany, Switzerland, France, Australia and New Zealand.^[3] UnionPay cards are also making inroads into other countries' interbank networks, with some networks, such as BancNet in the Philippines, already accepting UnionPay cards at the ATM level and the Point-of-Sale of all SM Prime Holdings, Inc.'s Department Store, Supermarket, Hypermarket, Super Sale, Watson's, Sports Central, Appliance and Toy Kingdom.

• Australia - UnionPay cards are accepted at National Australia Bank ATMs^[4], and Cashcard ATMs (a First Data company).
• France - accepted in Les Printemps shops in Paris
• Germany - some Sparkassen (German credit unions) already accept UnionPay cards at ATMs for Euro withdrawals.
• Hong Kong - UnionPay cards are accepted at shops and ATMs in Hong Kong.
• Japan - accepted in Japan Post's cash machines and some shops.
• Mexico - Banamex ATMs service UnionPay customers for cash withdrawals in Mexican Pesos.
• New Zealand - UnionPay cards are accepted at Bank of New Zealand's 420 ATM's nationwide and selected EFTPOS merchants.
• Russia - Citibank and VTB accepts UnionPay cards at ATMs.
• Singapore - accepted in ATMs displaying Network for Electronic Transfers Singapore (NETS) logos
• Switzerland - Credit Suisse accepts UnionPay cards at ATMs.
• Thailand - Kasikorn Bank accepts UnionPay cards at ATMs (yellow in color) for Thai Bhat withdrawals as well as TMB Bank ATMs (blue and red in color)
• United States - Citibank accepts UnionPay cards at ATMs for USD withdrawal. In May 2005 Discover Network announced an alliance with China UnionPay Network. The two companies have signed a long-term agreement that allows acceptance of Discover Network brand cards at UnionPay ATMs and point-of-sale terminals in China and acceptance of China UnionPay cards on the PULSE network in the U.S.^[5] As of November 1, 2007, China UnionPay cards may be accepted where Discover Network Cards are accepted in the United States, Canada, Mexico, Central America and the Caribbean.^[6]
• Vietnam - East Asia Commercial Bank, Saigon Bank For Industry and Trade accepts UnionPay cards at ATMs for VND withdrawal

[edit] Members

UnionPay is the primary network of the following banks listed below:

• Agricultural Bank of China
• Bank of China
• Bank of Communications
• Bank of Shanghai
• Beijing Commercial Bank
• China Construction Bank
• China Everbright Bank
• China CITIC Bank
• China Merchants Bank
• China Minsheng Banking Corporation
• Guangdong Development Bank
• Huaxia Bank
• Industrial Bank
• Industrial and Commercial Bank of China (ICBC)
• Postal Savings Bank of China (formerly known as the China Postal Savings and Remittance Bureau)
• Shanghai Pudong Development Bank
• Shenzhen Development Bank
• Shenzhen Ping An Bank

Other UnionPay-affiliated organizations include certain municipal commercial banks as well as rural credit cooperatives. Other financial institutions in cities that are already capable of issuing cards will issue UnionPay cards in succession. Overall, there are 165 financial institutions that issue UnionPay cards.

Outside China, UnionPay has partnerships with other ATM networks. UnionPay has a partnership with JETCO in Hong Kong and Macau, both of which are not included in the UnionPay system, although this ended as of January 1, 2006. UnionPay also has affiliations with other banks' networks: this is identified with a UnionPay sticker being displayed usually on the door of the ATM room or on the ATM itself. The sticker has the UnionPay logo and the words "Welcome to use China UnionPay cards" displayed on the bottom in English and Chinese.

[edit] See also

• ATM usage fees

[edit] References

[edit] External links

• China UnionPay