UnionPay International (“UPI”), the global leading payment provider, announced recently that the number of merchants outside mainland China accepting UnionPay services has surpassed 28 million, with an increase of two million in the first half of the year alone.
Meanwhile, UPI has further expanded its existing cashback rewards program, with eight of China’s major commercial banks issuing UnionPay cashback rewards cards. All 28 million overseas merchants are covered in the cashback rewards, as well as other promotion programs offered by UPI.
According to statistics from the China National Tourism Administration, the number of outbound tourists during the upcoming Chinese National Day holiday is estimated to reach a new record high. Teaming up with a range of institutions, UPI has released various promotions for cardholders to enjoy a global trip while spending less. These promotions include cashback rewards, discounts at merchants and digital “red envelopes” in the UnionPay mobile application, as well as a special offer for a 30% discount for UnionPay cardholders only in 80 travel destinations worldwide.
Every payment gets a cashback reward
According to UPI, the UnionPay acceptance footprint has expanded to 174 countries and regions. In both the Asia Pacific and Europe regions, UnionPay payment is available in about 90% of the merchants; meanwhile, some 80% of merchants in the US now accept payments with UnionPay credit cards.
Statistics from UPI also reveal a growing acceptance rate in emerging travel destinations such as Russia, where the entire country will accept UnionPay payments within the year; Africa, where 50 countries and regions now accepted UnionPay payments; and India, where acceptance coverage has increased by 700,000 merchants in the first half of 2019.
In July, UnionPay unveiled its first cross-border cashback rewards program, with eight commercial banks in China successively launching cashback rewards credit cards, including the Bank of China and Industrial and Commercial Bank of China. Cardholders shopping at overseas or online merchants accepting UnionPay services enjoy 1% cashback reward for each purchase, with the maximum reward capped at 1,000 yuan per month. The rewards are available in conjunction with other promotion benefits.
Special offers for Chinese National Day holiday
UPI has launched a widely accessible promotion benefits for the upcoming “Golden Week” holiday. In addition to cashback rewards, cardholders of 10 specific banks receive extra cashback rewards of up to 20% while shopping aboard with UnionPay credit cards.
In addition to shopping, UnionPay’s National Day holiday promotion covers every part of an overseas trip, from transportation to sightseeing. The promotion is available when booking hotels on agoda.com and Travelzoo, renting cars at Hertz in several Asian countries, and even visiting museums in the US, such as the Guggenheim Museum. It also extends to shopping at some 300 renowned malls including the Galleries Lafayette and King Power Duty Free in Thailand, where UnionPay cardholders receive a rebate of up to 16,000 Thai Baht when the amount purchased reach a certain limit.
Promotions are also available for users of the UnionPay mobile application. According to statistics from UPI, the total amount of UnionPay app users has surpassed 200 million, and over 3 million merchants in 46 countries and regions accept UnionPay mobile payment services, including QR code-based and NFC-based payments. During the Golden Week holiday, app users receive virtual “red envelopes” containing reward money after shopping with UnionPay cards or UnionPay app at over 5,000 merchants in the US, Australia and Asia.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below: