UnionPay overtakes Visa for the first time in the debit card market
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Chinese payment system UnionPay became the leader in terms of transaction volume and overtook Visa in the debit card market. About it reported Izvestia, citing a study by the analytical company Nilson Report.
The share of transactions with debit cards of the Chinese payment system reached 40.03% in 2022, while the total number of such transactions at Visa is about 38.8%. The volume of plastic transactions at Visa amounted to $14.109 billion, while UnionPay had $16.227 billion.
Izvestia noted that data on transactions with Mir cards were not taken into account in the study due to the fact that it does not examine national payment systems.
In early May, the newspaper wrote that only seven banks in Russia continue issuing UnionPay cards. Then it was noted that now UnionPay cards issued by Gazprombank, Post Bank, Solidarity, Rosselkhozbank, Russian Standard, Primsotsbank and RRDB work abroad. At the same time, they are not accepted everywhere, and their “patency” also depends on the issuer.
After falling under US sanctions in February of this year, MTS-Bank and Uralsib stopped issuing UnionPay cards. Caught under similar restrictionsZenith”, “Primorye” and “St. Petersburg” continue to issue these cards, but warn customers that they cannot be used abroad.
After the start of the Russian special operation in Ukraine in February 2022, Visa and Mastercard payment operators suspended their work in Russia, as a result of which Russians lost the opportunity to pay with the cards of these payment systems abroad. As an alternative to settlements abroad, a number of banks have begun issuing cards from the Chinese UnionPay payment system.
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