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...The absence of Visa, Mastercard and American Express, which suspended operations in Russia in 2022, meant China’s UnionPay was the only service left....
...“He said, ‘Don’t be anxious, you can use a China UnionPay card to pay off the debt’. Of course, I was very happy,” Lee said through a translator in the online hearings....
...National networks exist too, like UnionPay in China. A remaining challenge for fintechs is to break the power of the duopoly of Visa and Mastercard at the heart of retail payments....
...The report by Adam Bell SC said Star allowed the illegal use of China UnionPay cards to fund gambling, dealt with Chinese junket operator Suncity Group and fell short in its anti-money-laundering and counter-terrorism...
...UnionPay, the Chinese rival to Visa and Mastercard once considered as a potential backbone for Russian payments, has not expanded meaningfully, with experts citing fears of a US response....
...China is one of the few places unconquered by Visa and Mastercard — and the country’s own state-owned credit card network, UnionPay, is far less developed....
...Before the invasion, only nine Russian banks had issued UnionPay cards....
...Merchants in China pay a fee on each transaction made using Alipay, which is split between the fintech, the customer’s bank and Unionpay, the country’s card services company....
...Some Russian banks already operate the UnionPay payment system, including Gazprombank and Rosselkhozbank, said Tass....
...Chinese payment networks Alipay and UnionPay offer one way to bypass western sanctions. Cryptocurrency offers another....
...For international transactions, Russian banks say they may issue cards powered by China’s state-controlled card payment monopoly UnionPay....
...they need to be producing all of these UnionPay cards all of a sudden....
...Using UnionPay would require Russian banks to install IT infrastructure they can no longer buy from the west....
...Russian banks have floated the possibility of issuing co-badged cards linked to both Russia’s Mir and China’s UnionPay international payments systems....
...Some have rushed to sign up to China’s UnionPay payments system, but face weeks of delays because of shortages of plastic cards....
...Right after Mastercard and Visa fled Russia, four Russian banks announced plans over the weekend to forge relationships with UnionPay, China’s biggest card network....
...UnionPay, the Chinese card scheme, is the largest in the world, and is very strong in Asia. How would you view the success of open banking?...
...and American Express have announced plans to suspend operations in Russia, more of the country’s banks have also floated the possibility of issuing co-badged cards linked to both Russia’s Mir and China’s UnionPay...
...A senior executive at one of China’s largest state lenders said financial institutions, such as his and government-owned payments processor China UnionPay, would benefit from the crackdown on Ant and Tencent...
...Unionpay, the country’s major credit card provider, was barred from being used to buy insurance in Hong Kong....
...UnionPay’s total transaction volume last year was Rmb189tn....
...Unionpay has sought to expand its international business in recent years, first in emerging markets and more recently in Europe....
...Despite its big name backers, Ant was always a threat to the vested interests of the financial industry in China — including credit card company Unionpay and the state-owned banks....
...NetsUnion and rival China UnionPay — the state-owned clearing network for bank card payments — will replace commercial banks as designated custodians for funds....
...UnionPay operates a similar business model to Visa and Mastercard, earning a commission on each card swipe....
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