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Why do Chinese bank cards have the UnionPay logo, and what kind of enterprise is UnionPay?

China unionpay credit card

Now people pay more and more diversified, there are a lot China unionpay credit card of people who have gotten rid of the cash payment method in the past, more and more payment methods with various bank cards and payment programs, usually we just deal with new cards will read new card information, we Usually in the lower right corner of the bank card to find a "union" sign, what is this sign? What does it mean?

In general, the full name of UnionPay is China UnionPay. China UnionPay was established in 2012 and is a domestic bank card association headquartered in Shanghai. It is a state-owned enterprise. Its main function is to clarify inter-bank transactions and realize the connection between domestic commercial banking systems. At the same time, ensure that bank cards can still use UnionPay when crossing banks, regions and borders, and that they do not belong to existing banks. But like all banks, he is run by our country's central bank.

The existence of UnionPay is crucial to the development of inter-bank trade. Without UnionPay, banks and banks are almost independent. There is no way to communicate with each other. UnionPay facilitates transactions between banks and banks, and UnionPay has some brands that are similar to bank cards, like Mastercard and Visa cards that exist abroad. Generally speaking, the organization provides bank card production, bank card payment and bank card settlement services for various banks. Thanks to UnionPay, we can withdraw money at ATMs and transfer to different banks. At the same time, without the help of UnionPay, we would not be able to pay some basic living expenses. At present, UnionPay has spread all over the country, and more than 160 countries outside China have been covered by UnionPay. UnionPay is currently the largest payment and settlement platform in China.

So a single bank card is not enough to provide us with business. After all, we usually use bank cards, and it is inevitable that we will contact others. For example, when we use bank cards, we will transfer money to the bank cards of other banks, and we will also use our own bank cards on different platforms. At this time, if there is no UnionPay, we will take the money into cash, and then let the corresponding institutions pay for these accounts. The process is cumbersome and inconvenient for us to operate. Therefore, with UnionPay, it has brought a lot of convenience to our life. Although the rules of different bank cards are different, as long as UnionPay exists, it is interoperable.