The US's largest payment systems - Visa, Master card and American Express have rejected Russian customers. However, Russiaans do not have to worry too much because with domestic credit cards, they can still go around the world, because Russian banks will be integrated into China's UnionPay system.
China's decision to support Russia in addressing this issue will be practical: Once it has a foothold in the Russian market, UnionPay will receive great momentum for development. And then Visa and Master card will not be able to compete with the Chinese system, and vice versa.
Quickly merge with many financial systems
UnionPay was invented 20 years ago. Visa was launched by the US in 1958 and Master card in 2017. But now the Chinese system will easily overwhelm the US system in all aspects.
The rapid expansion of China's payment system has been successful because it can quickly merge with many other systems from India, Korea and Japan.
Since 2015, Chinese authorities have required all new plastic cards issued in the country to be part of the UnionPay system. And this is also a real concern for the country's financial security. Thanks to this move, by the end of 2015, China's payment system had ignored all aspects of visas - the number of cards issued and the total number of transactions.
UnionPay is preparing to cooperate with banking payment systems from Turkey, Vietnam, Nigeria and Brazil. The Chinese system also cooperates with American Discover. Cards operating in China's UnionPay system are issued even in Switzerland, Germany and the US.
UnionPay has previously made efforts to cooperate with Russia, with a Chinese symbol issued by Gazprombank and Orient Express Bank. However, it is no longer a private partnership but a merger with Russia's Mir payment system. It can be said that this is a revolutionary step for the Chinese market.
China is injecting new blood into new blood vessels
To date, the UnionPay logo with Chinese characters has been present on over 9 billion plastic cards in the world. This number is more than the world's population. This index can be used to assess China's rapid expansion. To date, cards are accepted at 90% of retail outlets in the Asia-Pacific region. In Europe and North America - accounting for 70% of retail outlets.
Last year, UnionPay announced that it had penetrated the markets of Tajikistan, Morocco and the Philippines.
People often compare money to the blood of the economy. Therefore, China is pouring into many countries not only new blood, but even changing the blood vessels because they bring a new, separate financial system.
UnionPay is currently active in 180 countries around the world. And this is not just a payment system - a symbol on the card. This is a giant financial institution. For example, UnionPay offers small retailers a special affiliate program: A store can access the Internet without having to create an online store and participants do not have to pay any commissions.
Pay anytime, anywhere, very conveniently
Everything related to China's finances is calculated in millions, billions and thousands of billions. For example, 22 million online sellers (including large employers like Amazon) have been connected to UnionPay and 38 million sellers are using UnionPay QR codes.
China promises to create a "payment for everyone" system around the world. For example, there will be a single smart parking service operating in all cities and airports in China of course its also connected to a single payment system.
The number of bank cards issued by UnionPay to different users (travelers, drivers, students, retirees) has reached dozens of types. And now the Russian people will also enjoy all these advantages. There are many advanced payment services that Visa and Master card cannot provide. Chinese financial institutions are at their peak.
For example, in 2020, UnionPay introduced the first digital banking card and now has 23 of them to serve the interests of people from different countries.
UnionPay claims that Payment to everyone is not only convenient but also safe. Here, everything is in order. Suppose, since 2014, the payment system has cooperated with Chinese authorities to combat capital flow (including corruption loopholes).
This payment system is against all types of card fraud - from fraud to online gambling. UnionPay was considered one of the world's safest payment systems without personal data leaks at the end of last year.
