UnionPay overtakes Visa in terms of debit card market share – Kommersant
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In 2022, the share of transactions on UnionPay debit cards reached 40.03%, according to “News” with reference to the Nilson Report study. According to her, the share of Visa was 38.78%. The volume of transactions with cards of the American payment system amounted to $14.109 billion, the Chinese – $16.227 billion. For Visa, transactions using debit cards accounted for 63.91% of all payments, for UnionPay – 75.12%. In 2021, Visa’s market share was 39.53%, UnionPay’s was 38.68%.
In March 2022, the international payment systems Visa and MasterCard suspended their work in the Russian Federation. Against this background, the Russians increased demand to UnionPay cards. Many foreign online stores, however, do not accept payments with UnionPay cards issued in Russia, reported “b”. UnionPay refused from cooperation with sanctioned banks, as well as restricted acceptance in Russia of their cards issued abroad. By 2023, there will be seven banks in Russia with UnionPay cards operating abroad.
Details – in the material “Kommersant FM” “UnionPay narrows the geography”.
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