UnionPay is taking on the credit card titans – surpassing MasterCard and not far behind Visa
RBR’s Global Payment Cards Data and Forecasts to 2024 research indicates that financial inclusion initiatives are driving growth in the payment cards market, as governments, particularly in developing countries, encourage people to enter the banking system. To date, UnionPay accounts for 45% of all payment cards globally, allowing UnionPay a large market share in the payment game.
UnionPay is taking on the credit card titans
According the report conducted above, purchase transactions totalled up to 4440.99 billion in 2019 – an increase in 19.4% from 2018. As seen in the chart, UnionPay accounted for $131.2 billion globally – close behind Visa ($185.5B) and ahead of MasterCard ($108.4B) as well as American Express ($8.8B) in 2019.
UnionPay’s foothold in the credit card game will continue to grow as they begin to expand their card acceptance around the world to cater to a Chinese dominated global economy. To date, there are 179 countries globally that accepts UnionPay Cards have been accepted by over 26 million merchants and 1.8 million ATMs around the World and the number will continue to grow in the coming years. It is also the only card network that issues, clears, and settles in Yuan. As a payment network it ranks second globally in terms of transaction volume, UnionPay is ready to crush the ambitions of new entrants in the payment game.
Aleta Planet – principal member of UnionPay International
Aleta Planet is proud to be at forefront of enabling UnionPay to expand their footprint globally. We see the volume and influence that the Chinese has in the global economy and we equip businesses to be able to expand their payment systems and accept payments from 7.5 billion UnionPay cardholders. More than just a payment gateway provider, we as well provide sponsored marketing solutions and campaigns for our merchants to be partnered together with UnionPay and be featured on their domestic CloudPay platform – exposing our partnered merchants to more than 240 million registered users.
We bridge the gap between businesses and China. We equip businesses to cater to the World’s largest economy. We push businesses to go further. We are Aleta Planet.