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China UnionPay Released 2017 China Bank Card Development Report

2017-04-25 14:56:09 • 0

On April 14, China UnionPay released 2017 China Bank Card Development Report. Based on UnionPay Network transferring and clearing data, the report combined current industry trend and hot topics and made continuous tracking and analysis of bank card from multiple perspectives including bank card market at home and abroad, mobile payment and innovation of product and technology etc.   

Bank card industry continued to maintain steady growth.
The Report showed that over 6 billion UnionPay Card have been issued accumulatively, covering 160 countries and regions, 40 million stores and 2.2 million ATM.

Potential market and advanced technologies become the key influence of distribution.  
Compared with first-tier and second-tier cities with high penetration rate of information technology and bank card, rural e-commerce and internet finance is promising. It is expected that more efforts will be made in rural market. Because of increase of income and upgrading of consumption, more payment institutions started to expand international market.
As to technology, all institutions are working hard on cutting-edge payment innovations to improve users’ experience. Meanwhile, they are developing advanced technologies such as cloud computing, block chain, virtual reality and IoT etc. to offer differentiated payment service.

Export of China-made chips and financial technology is accelerating.
The Report showed that under the support of government policies, the application of domestic chips and cryptographic algorithm have made great progress. China UnionPay cooperating with financial institutions carried out two series of IC card and cryptography application projects. More than 25 million IC cards with SM algorithm have been issued and over 3.87 million POS all over China is compatible with native cipher algorithm. Now China UnionPay came to agreement with 7 Asian Payment Associations in terms of standard of cards with chips.