In the face of rapid changes in the international payment landscape and growing competition from domestic internet payment platforms, Ge Huayong, Chairman of China UnionPay, has repeatedly emphasized the importance of expanding UnionPay’s product offerings and international business over the past six months.
"Mobile payment is widely seen as the future of the industry," Ge said. "However, there is still no dominant mobile payment product or universally accepted business model. This is because different players are trying to take control of their own ecosystems, leading to a lack of collaboration, standardization, and unified business models. As a key platform in the banking card industry, China UnionPay will continue to position itself as an integrated payment service provider with a strong global presence."
Over the past year, Ge has frequently spoken about UnionPay's strategic moves in both international expansion and digital transformation. Behind this push lies a rapidly evolving payment market. In major cities like Beijing and Shenzhen, QR code payments have become mainstream, while second- and third-tier cities such as Hangzhou and Hefei are also seeing a surge in online payment adoption. Compared to traditional UnionPay and bank-based methods, Alipay and WeChat Pay have captured a significant share of consumer users.
Meanwhile, banking professionals note that the central bank has issued guidelines on improving personal account services, which now allow second and third-tier accounts to operate independently of UnionPay rules. This could signal a shift in the long-term structure of the payment system. Experts estimate that within three to five years, the central bank may officially recognize QR code payments, potentially reshaping the offline banking card payment ecosystem.
UnionPay has been actively pursuing international expansion. Since June 2015, Ge has made several statements emphasizing its global ambitions. In December 2015, he signed a cooperation agreement with the Russian Federal Tourism Administration to enhance UnionPay card services in Russia. In September, he highlighted how UnionPay cards are now accepted in over 150 countries, covering 26 million merchants and 1.9 million ATMs. The goal is to make UnionPay cards available wherever global tourists go.
According to Wang Yonghong, director of the Science and Technology Department at the central bank, UnionPay has set three strategic goals for its international development: first, expanding the global acceptance of UnionPay cards; second, promoting local card issuance in foreign markets; and third, exporting the UnionPay standard globally. With the RMB's internationalization and the Belt and Road initiative, UnionPay is playing a key role in financial globalization.
Domestically, UnionPay is leveraging the growing trend of outbound travel and overseas shopping. In 2015, Chinese travelers spent over 1.1 trillion yuan abroad, and the total consumption by "Haitao" (overseas shoppers) reached 240 billion yuan. To meet this demand, UnionPay has partnered with banks to issue travel-oriented credit cards and improve overseas payment services.
Despite these efforts, UnionPay faces intense competition from Alipay and WeChat Pay. Mobile payment has become a key driver of innovation, with transaction volumes rising sharply. In Q3 2015, mobile payment transactions reached 4.5 billion, totaling 18 trillion yuan—a growth of 254% and 195%, respectively.
To counter this, UnionPay launched "Cloud Flash Pay" in partnership with 23 banks. This technology allows users to pay using NFC-enabled smartphones without needing a physical card. While it offers convenience and security, its adoption remains limited due to low NFC terminal penetration and merchant support.
Experts believe that the future of mobile payments will depend on user habits and application scenarios. Although Apple Pay and Samsung Pay have entered the Chinese market, many industry insiders remain skeptical about their long-term impact. They argue that Alipay and WeChat Pay, with their massive user bases and deep merchant integration, will continue to dominate.
The payment model also plays a role. UnionPay follows a "quartet model" involving card issuers, acquirers, merchants, and the card organization, while Alipay and WeChat Pay use a "three-party model" directly connecting users and banks. Despite the advantages of the latter, the quartet model remains more secure and stable.
Looking ahead, UnionPay continues to invest in mobile payment technologies such as HCE, TSM, and tokenization. It is also working with smartphone manufacturers like Huawei and Xiaomi to expand its cloud flash payment ecosystem. While challenges remain, UnionPay remains committed to building a global, integrated payment network.
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