UnionPay Struggles in Increasingly Cashless China

By Zhang Yuzhe and Dong Tongjian

(Beijing) — UnionPay, China’s largest card-payment network operator, is struggling to stay relevant in an increasingly cashless economy.

Despite its recent tie-up with online retailer Inc., the first with a third-party payment service provider, market watchers believe the partnership may not meaningfully help UnionPay regain traffic lost to QR-code-based platforms, dominated by WeChat Pay and Alipay.

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