China payment service (CPS) has rolled out a new international
RMB online payment service to accept payments from China
UnionPay.
CPS will allow merchants to accept online payments from China
UnionPay cardholders allowing payments in renminbi.
Damien Gough, Vice President of CPS said:
“Through our new cross border online payment facility, Chinese
customers can now pay foreign merchants using their China issued
UnionPay debit cards and credit cards, whilst the merchants can
choose to be settled in a range of major currencies including the
dollar, British pound, or euro.”
In August, China Union Pay was reported to
have usurped Visa’s top rank to become the world’s most prolific
payment card scheme, according to a new research.
A new study by Retail Banking
Research says that China UnionPay’s logo can now be found on
three in every ten cards worldwide. However, Visa cards still
dominate in terms of usage and spending, the latter appears on.
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