Monday, July 16, 2012

China union pay ‘s Vision & Mission

China union pay ‘s Vision & Mission

1.     Mission and responsibilities:
As Chinas bankcard association, UnionPay has become the crucial and pivotal part of bankcard industry, and plays an essential role in the realization of interconnection between bankcard systems. Relying on UnionPay inter-bank transaction settlement system (CUPS), UnionPay promulgates and promotes the access standard of UnionPay inter-bank transaction settlement system to unify bankcard inter-bank technology standards and service specifications, to form a resource-sharing and self-discipline mechanism for bankcard industry, so as to conduct, coordinate, advance and promote the development of bankcard industry.
Commercial banks realize interconnection and resource-sharing between systems through the CUPS of UnionPay to ensure the inter-bank, inter-region and cross-boarder usage of bankcards.
The main responsibilities of UnionPay include establishing and operating UnionPay inter-bank transaction settlement system, and promoting the unified bankcard standards and specifications. UnionPay shall also provide basic bankcard service such as inter-bank information exchange, settlement data processing and risk prevention to commercial banks, merchants and cardholders, and promote the intensive and scale development of bankcard industry. Together with the commercial banks, CUP shall establish proprietary bankcard brands.

2.     Interoperability:
Since the establishment of UnionPay in 2002, it has promoted the interoperability of UnionPay Cards across China via a three-step method.
Step one: intra-city interoperability. Realizing intra-city interoperability for bankcards in central cities through urban bankcard information center.
Step two: interoperability in major cities. According to the 314 interoperability target proposed by Premier Wen Jiabao (i.e realizing interoperability operation and trans-regional usage of bankcards between systems of commercial banks in over 300 cities above the prefecture level across the state, inter-bank interoperability of various bankcards in over 100 cities, promoting unified UnionPay Cards in over 40 cities), realizing the inter-bank and trans-regional usage of bankcard in major cities.
Step three: interoperability across the state. On the basis of interoperability in major cities, gradually spreading the network to cities above the prefecture level and county class cities in developed regions, and expanding the interoperability to rural area through the special service of peasant-worker bankcards.

3.Proprietary brand:
UnionPay has established its uniform bankcard inter-bank transaction settlement system with proprietary intellectual property rights throughout China.
Coordinating with commercial banks, UnionPay has initially established bankcard standard and specification system complying with internal general requirements and applied such standards and specifications on CUP standard cards.
In Hong Kong and Macao and countries including Singapore, UnionPay Cards have become the preferred brand for domestic cardholders to use in overseas regions.
Proprietary brand UnionPay Cards (CUP standard cards) are issued by commercial banks according to the service specifications and technology standards of UnionPay with the combination of the international BIN standard of UnionPay, with the UnionPay mark on the lower right corner of the front side of the card and the first two numbers of the card number being 62.

4.     Internationalization:
To satisfy the increasing needs of Chinese people to use cards on business, tourism and study in Foreign countries, and extend the service provided by domestic commercial banks to overseas regions through UnionPay network, UnionPay actively carried out the construction of international acceptance network. Until now, UnionPay Cards are accepted in 125 countries and regions outside China. In Hong Kong and Macao and countries including Singapore, UnionPay Cards have become the first choice brand for domestic cardholders to use in overseas regions.
In the meanwhile, UnionPay also actively promotes overseas issuance of CUP standard card to provide payment facility to foreigners working, tourism and study in China. At present, financial institutions in 10 countries and regions officially issued CUP standard cards in local currencies.

UnionPay will continuously speed up its course of internationalization, strive to build UnionPay into an international bankcard organization with authority and public credibility in China, and international competitiveness and power of influence, and build CUP brand into a Chinese proprietary brand not only serving China, bur also a brand with global influence serving more and more countries and regions.

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1 comment:

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