EN
UnionPay (Chinese: 银联; pinyin: Yínlián), also known as China UnionPay (Chinese: 中国银联; pinyin: Zhōngguó Yínlián), or abbreviated internationally as CUP or UPI, is a card company and a Chinese state-owned financial services organization founded in 2002. In 2015, UnionPay surpassed Visa and Mastercard in total customer payment volume, becoming the world's largest card payment processor (including both debit and credit cards). Despite this achievement, only a small portion of the payment volume occurred outside of China. UnionPay cards are accepted in over 180 countries, with billions of cards issued worldwide. While its international presence is expanding, the majority of its transactions remain concentrated within China.
In Hungary, UnionPay is mainly recognized among Chinese tourists and business people. UnionPay cards are accepted at numerous major retail and tourist locations, particularly in prominent areas of Budapest. The strengthening of Sino-Hungarian economic relations has significantly contributed to the growing availability of UnionPay services in Hungary, with a notable impact on the credit card payment infrastructure. In Hungary, UnionPay cards are issued by the Bank of China, further solidifying the brand's presence in the Hungarian financial market.
UnionPay's presence in Europe is growing steadily. The company is expanding its reach across the continent through partnerships with local banks and financial service providers. Expanding the acceptance of UnionPay cards is important for tourism and business in Europe, especially in cities that are popular destinations for visitors from Asia. UnionPay is pursuing an active strategy to develop its European acceptance network to increase its competitiveness alongside Visa and Mastercard.
Globally, UnionPay is the world's largest card issuer and payment network operator, with a dominant presence in Asia, particularly in China. Its role is decisive in the competition between international payment systems, especially in the Asian, African, and Middle East regions. The company aims to increase its global presence while actively developing innovative technologies such as mobile payments and digital finance. Many banks in Russia have switched to UnionPay card issuing and acceptance due to international sanctions. This shift has significantly boosted UnionPay's role in the Russian market and created new opportunities for the company in the region.
