Chinese tourists purchasing power in South Korea has driven China UnionPay to become the #1 foreign card brand in the country. About 90% of the spending by Chinese tourists in South Korea is through UnionPay cards.
This year, the market share of UnionPay International in South Korea is expected to exceed the total of all other foreign card brands.
In South Korea, UnionPay credit cards can be used at more than 1.2 million signature-based merchants and more than half of the ATMs in South Korea allow KRW cash withdrawal with UnionPay cards. The transaction volume of UnionPay merchants in South Korea is increasing at an annual rate of 100%.
Korean issuing banks supporting “signature-based and without PIN” credit card transactions include: ICBC, ABC, Bank of China, CCB, Bank of Communications, CMBC, Ping An Bank, CEB, China CITIC Bank, SPDB, CGB, Bank of Beijing, Bank of Shanghai, CMSB, and Industrial Bank.
Hong Kong and Macao were the first destinations in UnionPay International’s efforts to expand to the overseas markets and have now become one of the most rapidly developing regions outside the Chinese mainland.
CUP says thanks to the huge overseas spending of Chinese tourists, UnionPay International is having more say in negotiating with merchants and enjoys more preferential policies than other card brands.
Apart from improving card using environment in hot tourist destinations for Chinese tourists, UnionPay International also assisted other countries and regions with their bank card infrastructure construction, providing them payment technology and standards to expand its global presence.
For more data on China UnionPay access CardData®. For information and commentary on China UnionPay visit the searchable CardFlash® Library of more than 58,000 articles published since 1995. RAM Research® forecasts on China UnionPay are available exclusively through CardWeb.com.®