UnionPay, established in 2002, is the national bankcard association in China. With its pivotal role in China’s bankcard industry, UnionPay is responsible for operating the unified inter-bank clearing and settlement system in China and developing the international acceptance network for UnionPay cards. By collaborating with various parties of the Bandcard industry, UnionPay has greatly boosted the development of China’s bankcard industry. To date, the total number of UnionPay cards issued worldwide has exceeded 2.1 billion; in 2009, the number of UnionPay card inter-bank transactions reached 7 billion totaling USD 1.1 trillion; the number of merchants, POS terminals and ATMs reached 2.13 million, 2.88 million and 930 thousand respectively. UnionPay has also established partnerships with around 400 financial institutions all over the world. As of now, UnionPay card international acceptance network covers all of China, and also extended to more than 90 countries and regions in 5 continents. Over 10 of them, including Japan, Korea, Singapore, Russia andMongolia have issued UnionPay cards.
The introduction of new KYC measures in ATMs in Macau might have some effect on visitor behaviour, especially regarding spending in entertainment resorts, said Macau’s Secretary for Economy and Finance, Mr Leong Vai Tac to reporters on Thursday. Last weekend, the government announced it would be implementing ID checking and facial scanning technology to UnionPay […]
Macau’s Judiciary Police (PJ) have arrested 23 suspects for their alleged involvement in the use of illegally-modified UnionPay card payment terminals which allows clients to withdraw cash, local media reports. The police have also reportedly raided a shop in Taipa which allegedly served as a workshop that would modify the illegal POS machines which were […]
Macau is preparing to cut the amount of cash China UnionPay card holders can withdraw from ATM machines, in a move from China to curb capital flight. According to a report from the South China Morning Post on Friday, the move to cut the daily withdrawal limit from MOP10,000 (US$1,251.9) to MOP5,000 is expected to […]
The release of transaction data around illegal UnionPay transactions made in Macau in 2015, does not pose a high risk to gross gambling revenue, a Union Gaming report says. “When compared to GGR, illegal UnionPay transactions amount to notably less than 1% (although likely in the low single digits when assuming that the figures herein […]