What kind of organization is UnionPay?

China UnionPay is a bank card joint organization in China, which is in the core and pivotal position of the bank card industry and the key to realize the interconnection of bank card systems.

All commercial banks use China UnionPay inter-bank transaction clearing system to realize interconnection and resource sharing between systems and ensure inter-bank, inter-regional and cross-border use of bank cards.

The main responsibilities of China UnionPay are to build and operate the infrastructure of UnionPay interbank transaction clearing system, promote the unification of bank card standards and norms, provide basic bank card services such as interbank information exchange, clearing data processing and risk prevention for commercial banks, special merchants and cardholders, and promote the intensive and large-scale development of the bank card industry. At the same time, it will unite with commercial banks to build its own bank card brand.

On1October 20141kloc-0/2, unionpay issued the notice on further clarifying the relevant requirements for illegal rectification, standardizing the direct connection between banks and third parties, and requiring the businesses bypassing unionpay to be gradually migrated to unionpay platform.

Extended data:

China UnionPay has established a national unified inter-bank transaction clearing system with independent intellectual property rights. In cooperation with commercial banks, a bank card standard system that meets international requirements has been initially established, and these standards and norms have been applied to UnionPay standard cards.

UnionPay cards have become the first choice for domestic cardholders to use cards outside Hong Kong, Macao and Singapore.

Independent brand UnionPay card (UnionPay standard card) is a bank card issued by commercial banks (including credit cooperatives) in accordance with the business norms and technical standards of China UnionPay. The Bin number standard of unionpay international, China is adopted, and the "UnionPay" logo is on the lower right corner of the front of the card, and the first two digits of the card number are 62.