Doing business in every market is the new status quo, but keeping up with regional nuances, innovations and distinctive consumer behavior can be a monumental task. With UnionPay, you can reach more customers by offering a popular payment option that can support them in a variety of markets.
UnionPay has the largest number of cards in circulation with more than 5 billion cards in the world, and in 2014, transactions totaled to a staggering $6.6 trillion.1 UnionPay is an essential payment transaction scheme offering for anyone involved in cross-border business. By becoming a global acquirer and partnering with UnionPay International, Digital River World Payments (DRWP) is at the forefront of their expansion and able to offer customers seamless access to markets in every corner of the globe.
UnionPay is an international card and global phenomenon, providing a relevant payment option to customers anywhere in the world. In addition to being the most prolific card brand in the world, UnionPay is on the ground in the world’s most rapidly expanding market, China, and is gaining popularity all around the world. UnionPay is a global favorite with high quality, cost-effective and sanctioned cross-border transactions, providing a secure and reliable payment option for shoppers in diverse countries. This payment solution is perfect for global merchants who want growing purchasing power. By listing the UnionPay option next to the other card options, you can increase store revenue potential instantly.
As a global acquirer, DRWP offers key benefits to businesses interested in offering UnionPay service and opening up easy payment options to the fastest growing markets in the world. To get started utilizing the credit card payment method, businesses only need to sign an agreement and integrate with Digital River. Then, leave it to us to handle everything from paperwork to configuring merchant setup and activation.
As the most populous country in the world with a rapidly growing middle class, China is the major player in online purchasing. Online shopping in China has boomed in recent years, with the number of users growing from 140 million in 2010 to 520 million in 2015.2 In 2013, Chinese shoppers spent over $11 billion on cross-border transactions, a number that grows year after year.3,4 This type of growth in ecommerce demands a reliable and secure payment type. Savvy merchants recognize the importance of selling their online goods and services to the Chinese market, and their preferred card to use is UnionPay.
Consumers in Asia Pacific spend more on ecommerce purchases than those in North America, making it the largest regional ecommerce market in the world. Tiernan Ray of Barron’s predicts that China will soon account for nearly half of all ecommerce worldwide: “China’s ecommerce market has grown 2.9X faster than the U.S. market and 2.5X faster than the overall ecommerce market outside of China. In all, by 2018, we see the $1,315 billion China ecommerce market growing to be 2.7X larger than the U.S. market, making up 45% of global ecommerce.”
Full name: People’s Republic of China
Largest city: Shanghai
Median age: 35
Official language: Mandarin (spoken), Simplified Chinese (written)
Currency: Renminbi (RMB) and Chinese Yen (CNY)
GDP: $9.24 trillon USD (2013)
GNI per capita: $11,850 USD (purchasing power parity, 2013)
5 McKinney Global Institute Report
Age 15-24: 27 percent
Age 25-34: 32 percent
Age 35-44: 25 percent