UnionPay Becomes Japan’s No 1 Foreign Card Brand in Acquiring

SHANGHAI, China, June 3, 2015 / Xinhua-AsiaNet — UnionPay has become the largest foreign payment card brand in Japan in terms acquiring market share, according to UnionPay International, as it celebrates the 10th anniversary of the entry of UnionPay services in Japan.

Since 2005 when UnionPay first set foot in Japan, 50% of local ATMs and 400,000 merchants have enabled acceptance of UnionPay cards (card number starting with 62), covering almost all of the places frequently visited by tourists and major daily consumption places.

The transaction volume of UnionPay cards used in Japan by residents from Hong Kong and South Korea has also witnessed tremendous growth since the second half of last year, with initial estimates showing each cardholder from Hong Kong made one transaction with UnionPay card on average while traveling in Japan.

“UnionPay’s development can be seen as a model for Chinese companies’ going out strategy and the economic structure adjustment. As UnionPay businesses push forward in Japan, we wish more Japanese residents will be able to learn more about China through UnionPay,” said Liu Yajun, ambassador of economy and commerce of the Chinese Embassy in Japan.

“Over 4 million Chinese tourists are expected to visit Japan this year and China will become Japan’s largest tourist source country,” said Larry Wang, Chief Business Development Officer of UnionPay International.

“In cooperation with our partners, we wish to speed up improving the local card acceptance environment and card issuance in the next decade to make UnionPay card a more important part in Japanese residents’ daily life,” he said.

The results are generated from the expansion of local UnionPay card acceptance coverage, including the efforts made in second and third-tier cities to cater to the growing trend of in-depth and individual tours.

Card issuance is also accelerating. Since 2007 when the first UnionPay card was issued in Japan, a full range of UnionPay card products have been issued and are frequently used in dozens of countries and regions.

With UnionPay becoming a widely accepted global payment brand and eyeing to cater to the needs of cardholders, UnionPay International also announced to change the pronunciation of “UnionPay” in Japan from the previous Japanese pronunciation into English pronunciation.

The company will also offer discounts of 5-10% for using UnionPay cards at 400 merchants in 10 core business districts in Japan from July 1 to October 31 as part of the celebration.

For more information: http://www.unionpayintl.com/

SOURCE: UnionPay International

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