September 17, 2018Blog Posts

China UnionPay reveals plans to take on Visa, Mastercard in Europe

CGTN

China UnionPay will begin issuing branded bank cards in the UK as early as next month as a first step towards further expansion into Europe, according to the company’s regional head.

In an interview with the Financial Times, UnionPay’s international market director and Europe head Wei Zhihong said that the bank card provider would work with a UK-based partner to issue “virtual pre-paid cards for British corporate clients” that can be used as mobile wallets while traveling in China and Asia.

This initial step will be followed later this year by UnionPay credit cards being issued elsewhere in Europe, with Wei telling the Financial Times “we want to target local customers in the domestic market, not only people traveling to Asia.”

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