China’s cross-border e-commerce has increased significantly, with a 15.6% rise in 2023 to 2.38 trillion yuan, driving the cross-border payment industry. Government support is growing, issuing "Opinions" to promote efficient and low-cost cross-border fund settlement services. Rapid expansion and transformation in the payment landscape include significant participation from non-bank payment institutions and ongoing regulatory efforts on licensing and compliance.

Increase signals better risk controls and enhanced safety and stability for the world’s largest provider of debit cards

China Merchants Bank, China Guangfa Bank and China UnionPay unit punished for violations in payment and clearing businesses

Russia’s biggest lender Sberbank is considering issuing cards that use the country’s Mir or China’s UnionPay payment systems

The Biden administration will seek a new round of trade talks with China. WeChat Pay ties up with UnionPay’s Cloud QuickPass

Tencent’s WeChat Pay now accessible by Cloud QuickPass, the mobile payment service of state-backed UnionPay; QuickPass users can now make payments by scanning WeChat Pay QR codes, and WeChat Pay users can do the same with QuickPass codes

China slaps a ban on Australia’s biggest grain exporter. Netflix plans to adapt “The Three-Body Problem.”

Financial services company teams with 17 banks in move to online credit and debit cards replacing physical cards amid pandemic demand for contactless transactions

Manufacturing continues to recovery from pandemic; India overtakes Mexico with third-highest Covid-19 death toll; new tech export restrictions may affect more than TikTok

Cai Jianbo, who also serves as chairman of UnionPay International, has been promoted from executive vice president

While 3 rivals lure clients with high deposit rates, JD.com-backed new entrant plugs its electronic payment feature and ‘shake shake’ cash rewards for using it

‘Cash-out services’ allow individuals and businesses to tap their credit cards for cash loans by disguising the transactions as purchases that never take place

Tie-up will allow PayPal to ‘explore opportunities’ to expand its reach in China

Meanwhile, the country won't change its grain import quota despite trade deal with the U.S. And the central bank pays interest to payment providers

Tech giant has agreed to work with the state-owned bank card monopoly to make their QR code systems compatible

Central bank proposes unified QR code system that may threaten duopoly of Alibaba and Tencent while benefiting consumers and merchants

The interbank clearinghouse wants in on mobile payments. Dislodging the top two won’t be easy