UnionPay Issued Outside China

UnionPay International recently announced that about 20 million additional UnionPay cards were issued outside of China in 2017, increasing the total number of foreign UnionPay cards to about 90 million. The transaction volume on these cards grew by about 40% YoY, and will likely continue to grow over the years to come. UnionPay has become a leading payment method for tourists who visit China, particularly among citizens in countries involved in the Belt and Road Initiative. For instance, last year, the transaction volume of Pakistan-issued UnionPay cards in China grew by more than two times, and that of UnionPay cards issued in Tajikistan and Kazakhstan increased by about 50%.