UnionPay
 |
|
| Public | |
| Industry | Banking, Finance |
| Founded | March 2002 |
| Headquarters | Pudong, Shanghai, China |
| Members | 296 (232 in China) |
|
Number of employees
|
200-500 |
| Website | www |
China UnionPay (Chinese: 中国银联; pinyin: Zhōngguó Yínlián), also known as UnionPay (Chinese: 银联; pinyin: Yínlián) or by its abbreviation, CUP, is a Chinese financial services corporation headquartered in Shanghai, China. It provides bank card services and a major card scheme in mainland China. Founded on March 26, 2002, China UnionPay is an association for China's banking card industry, operating under the approval of the People's Bank of China (PBOC, central bank of China). It is also the only interbank network in China that links all the ATMs of all banks throughout the country. It is also an EFTPOS (Electronic Funds Transfer at Point of Sale) network.
It is the largest card payment organisation (debit & credit cards combined) in the world, based on payment transactions, schemes and number of cards issued, before Visa & Mastercard. It also offers mobile and online payments.
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. 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.
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Wikipedia