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

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With increasing competition in China and wider acceptance overseas, UnionPay may be interested in recruiting foreign consumers to use its cards:

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

 

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