China UnionPay (CUP) is on a path to dwarf all other global payment systems combined and on a trajectory to cross the US$10 trillion in annual transaction value milestone in mid-2016 and may reach US$18 trillion by end-of-year (EOY) 2019. CUP racked up US$6.5 trillion in transaction value last year, according to CardData. Forecaster RAM Research’s CAGR Corner computes CUP compound annual growth rate (CAGR) at 23.44% .
Since its founding in 2002, the China UnionPay (CUP) network has emerged as a force to be reckoned with globally. Over the past five years the annual transaction value has soared by 2.5 times and last year grew more than 27% year-on-year (YOY), according to CardData.
While ATMs in Cuba have been accepting China UnionPay (CUP) cards since 2013, merchant acceptance of CUP cards is expected this year. Cuba is getting more popular among Chinese tourists as no visa is required for Chinese citizens.