UnionPay expanded to about 1 million more overseas merchants last year - Business Insider

surpassing 28 million merchants. But it also noted that 4 million of these merchants support its mobile payment services in addition to its cards, which is around a 1 million merchant jump compared with a year prior.

UnionPay's mobile payment services enable QR code payments and have found at least some success: Its mobile app surpassed Extending its international acceptance network — and the acceptance of its mobile payment services in particular — is key to UnionPay capturing more volume. By growing its international acceptance, UnionPay can attract transactions made by Chinese tourists, potentially building loyalty as well. Chinese tourists made 140 million outbound trips in 2018, up 13.5% year-over-year , and their average annual spend per person when traveling was expected to climb to $6,706 in 2019, per , making Chinese tourists' spending an extremely lucrative opportunity.

Building acceptance for its mobile payment offerings can help UnionPay better compete with other such services as they grow more popular with Chinese consumers. Alipay and WeChat Pay

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

6 cars that won a 'Car of the Year' award in 2019 - Business InsiderThe list includes Car of the Year awards from Business Insider, Motor Trend, and Women's World Car of the Year, to name a few. You’d think there would be only one winner
Source: BusinessInsider - 🏆 729. / 51 Read more »

Register now for Business Insider's event on the future of retail - Business InsiderBusiness Insider is hosting its first Ignition event on the future of retail on January 14, 2020, in New York City. Where is the location ?
Source: BusinessInsider - 🏆 729. / 51 Read more »

A 'cave house' in Arizona is on the market for just under $1 million - Business InsiderA 'cave house' blasted into the side of a mountain in Arizona is on the market for just under $1 million. Here's a look inside. This is stunning and I want it.
Source: BusinessInsider - 🏆 729. / 51 Read more »

Brazilian startup Loft raises $165 million from Andreessen Horowitz - Business InsiderAndreessen Horowitz is doubling down on Latin America with a $165 million investment in Loft, a Brazilian real estate startup taking on Zillow in developing markets
Source: BusinessInsider - 🏆 729. / 51 Read more »

Bernie Sanders ends 2019 with a massive $34.5 million fundraising haul - Business InsiderThe Vermont senator on Wednesday said his campaign has received 5 million individual contributions. please stop giving this man money I love how the media ignores Bernie in this article it’s almost like he is the only candidate that gets no fair coverage 😂 Go get em' Bernie.
Source: BusinessInsider - 🏆 729. / 51 Read more »