None of the most powerful systems of the economy can usually do without its own payment systems. Today it is UnionPAY.

UnionPay prepaid card is a payment instrument to replace cash and provide a safe and convenient way, through convenient implementation, the use of multiple domains, it is the preferred card product of many card issuing organizations to increase their new sources of income.

UnionPay prepaid card can be used once or multiple times and supports systems with real and non real names, giving card customers a huge number of payment options.

UnionPay prepaid cards come in two types: password prepaid cards and signature prepaid cards, which can be used in online and offline modes, including terminals, POS terminals, pre-authorized transactions, collections, transfers and other merchant functions.

In addition, UnionPay supports a diversified prepaid card interaction model, which can be combined with different application scenarios to provide a professional and customized card issuer solution.

It is not to say that the only electronic payment system is the only one, nor that it has finally established itself. Chinese development paths are quite complex, so there may soon be a whole new financial instrument.

For now, let's look at the current system, in which Nikita Izmailov Parimatch interacts on a partnership basis. In 2002, the created network surpasses Visa and Mastercard in the volume of transfers and the number of transactions. If you compare it with the number of people served by UnionPay, it is at least half the population of our planet (this is a bit of an exaggeration). The exaggeration is that all payments are made outside of China only 0.5. That is, the status of UnionPay's international community is still undecided.

How UnionPay works

The name UnionPay is a loose translation in English of two characters that mean "money" and "union." How the Chinese understand it themselves is a mystery. The complexity of the translation is no joke. In any case, the system works and is actively developing. For example, in the number of transactions, China is ahead of Visa and comparable to Mastercard. If you go back a few lines above, you can see that only 0.5 transactions are made in non-China. This shows the scale of the economic development of the population.

If we talk about numbers on a global scale, UnionPay accounts for 45 percent of the cards issued around the world. UnionPay International UPI works within the structure of the payment system, which aims to attract funds from foreign countries. More than 100 financial sector organizations work in partnership with its international branches. The network covers about 170 countries of the world.

UnionPAY International is not a competitor of UnionPAY, they have different goals. One of indicators of success of any bank in the world is cooperation with UnionPay International bank.

Even with some restrictions due to the coronavirus and the war in Ukraine, China's payment systems remain one of the most effective in the world. They have strong economic potential and predictable financial policies behind them.