As per a recent press release, the Chinese state-run card payment network, UnionPay has attracted 28.5 million merchants outside of mainland China. The recently reported hike is only 0.5 million more than the 28 million merchants in September 2019. Out of these, nearly four million merchants are ardent supporters of both mobile UnionPay’s payment services and card services. This accounts for almost one million jumps, as compared to 2019.
The mobile payment services of UnionPay ensure QR code payments. Less than a year after the launch of the application, the mobile app crossed 150 million downloads by April 2019. In order to captivate more users, UnionPay will have to extend its international acceptance network and its mobile payment services in particular.
By gaining support internationally, UnionPay will attract transactions made by Chinese tourists and will also build loyalty. As per the analysis of an American firm, Nielson Holdings, 2018 witnessed Chinese tourists making 140 million outbound trips, up 13.5 percent year-over-year (YoY). In 2019, the average annual spend per person when traveling was estimated to rise to $6,706.
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