China UnionPay (CUP) transaction volume continues to explode racking up a stunning 48% increase in 2013, following a solid gain of 37% in 2012. Last year, CUP’s bankcard interbank transaction volume hit 32.3 trillion yuan (US$ 5.18 trillion). The five-year CAGR is 32.3%, according to CardData.
During 2013, the number of CUP merchants rose 58% to more than 11 million. The number of POS terminals connected to the CUP network soared 49% surpassing the 10 million milestone. ATMs accepting CUP cards increased 24% to 1.1 million in 142 countries and regions overseas.
Additionally, UnionPay cardholders can access 450,000 “UnionPay Convenience Stores” in more than 300 cities across China to pay for utilities, self-help credit card repayment, recharge phone service and make other daily payments at any time.
According the CUP data, total transactions in shopping mails, department stores, supermarkets, and fuel were the top contributors in local spending last year. Volume for hotels, restaurants and entertainment was sluggish in 2013. According to the volume of transactions across the country, the amount of spending with bankcards increased in all places, above 70% of which has seen an increased growth rate compared to the same period of 2012.
Established in March 2002, UnionPay is a bankcard association established under the approval of the State Council and the People’s Bank of China. At present, the Shanghai-headquartered UnionPay has about 400 domestic and overseas associate members.
RAM Research projects China UnionPay’s bankcard interbank transaction amount will top 44 trillion yuan (US$7.0 trillion) in 2014.
For more data on China UnionPay visit CardData®. For information and commentary on China UnionPay visit the searchable CardFlash® Library of more than 58,000 articles published since 1995. Custom RAM Research® projects on China UnionPay are available exclusively through CardWeb.com.®