Commercial Banking

Commercial Banking in Hong Kong

Individual assignment

UnionPay card is bank card issued by China UnionPay member agencies and there is a “UnionPay” logo on bank card. China Union pay is a bankcard association in China. It operated an inter-bank transaction settlement system to ensure the resources sharing between the commercial banking systems. China UnionPay has cooperated with various industrial parties like commercial bank in order to formulate the UnionPay card standard and regulations. UnionPay cards have been issued around the world more than 3.8 billion and the network has extended more than 140 countries and regions.

UnionPay card is convenient and fast to use. It has a lot of functions. The card holder can withdraw money from the ATM in China or in foreign countries. Moreover, the card can be used for payment in the shops with “UnionPay” logo through POS around the world. Also, the card holder can have the air tickets and hotel reservations through using the Internet and mobile phone. In the future, Hong Kong residents may pay the bills in Mainland through UnionPay.

UnionPay provides a lot of benefits to the card holders and companies. Firstly, card holders can use UnionPay for payments and withdraw money when travelling abroad. Therefore, they do not need to carry large amount of cash that increases the amount of purchases. Secondly, card holders do not need to bear the risk of exchange rate. Thirdly, the shops can prevent getting troubles from collecting and calculating cash from customers. Therefore, UnionPay is a convenient, safety and efficient products for both card holders and business companies.

China UnionPay Company has expanded its oversea network rapidly and the number of card issued has greatly increased. The main reason of the fast develop of UnionPay is the strong spending power of Mainland China tourists. As a result, the popularity of the UnionPay has triggered the interest of many countries. If the countries want to expand...