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Last updated at: (Beijing Time) Wednesday, June 19, 2002

China UnionPay Joins Visa International

China UnionPay Company Limited, a Shanghai-based national payment network jointly set up by a number of Chinese banks, has become a principal member of Visa International, the world's leading credit card, Visa's Asia-Pacific board of directors announced recently in Shanghai.


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China UnionPay Company Limited, a Shanghai-based national payment network jointly set up by a number of Chinese banks, has become a principal member of Visa International, the world's leading credit card, Visa's Asia-Pacific board of directors announced recently in Shanghai.

The entry will open up more outlets for Visa international cardholders in China, as well as enable Chinese citizens to use their credit cards throughout the world, Albert Shiung, general manager of Visa's China operations, said.

As a principal member of Visa International, China UnionPay will be able to expand international services for its member financial institutions in China by wider use of global resources, analysts in Shanghai said.

Member financial institutions wishing to offer their customers international bankcard services can connect to Visa's global payment network through China UnionPay's system to complete international transactions.

Visa cardholders in China will be able to use their cards at over 24 million business outlets and 760,000 Visa automated tellermachines worldwide.

"The credit card industry and cardholders in China will ultimately benefit from this development," said Shiung.

Established in March 2002, China UnionPay Company links all major banks and payments systems in China's major cities. The company is committed to connecting all payment systems throughout China by 2005.

Visa International has 16 member banks in China. By the end of 2001, it had over 7,000 Visa ATMs and had issued over 130 million bankcards in China.


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