UnionPay Spending Millions to Promote Online, Mobile Payments (May 29, 2014)
Five months after UnionPay’s partnership with Rev Worldwide to expand its prepaid market opportunities globally, payment network UnionPay is spending a sizable chunk of change to promote card and mobile app usage for online purchases to cardholders within China.
UnionPay said this week it will spend 200 million yuan (US$32 million) to better compete with third-party payment services that have been increasing their market share in e-commerce. Approximately 250 certified third-party payment service providers in China processed more than 1 trillion yuan in online transactions in 2013, according to reports. UnionPay promotions include discounts during certain holidays when cardholders pay using their UnionPay cards or pay with its smartphone app. Cardholders also can download and use coupons, and join other promotional programs.
“Our goal is to appeal to more cardholders, so they are willing to complete transactions via UnionPay and enjoy more services and products of the UnionPay card,” said Shi Wenchao, president of China UnionPay.
Last January, UnionPay partnered with Austin, Texas-based prepaid processor Rȇv Worldwide to focus on international expansion. Paybefore Award-winning Rev serves as a registered non-bank third-party service provider for UnionPay International, the subsidiary of China UnionPay.
UnionPay is among the largest payment card brands in the world, with more than 3.5 billion cards issued. While the majority of those cards are in China, the company has undertaken an aggressive global expansion strategy in recent years, with its cards now accepted in more than 140 countries and regions.
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