Chinese payment system UnionPay has overtaken US Visa in the debit card market for the first time, according to research by Nilson Report. UnionPay became the leader in terms of transaction volume with a 40.03% share.
Izvestia shared the results of the Nilson Report study. According to analysts, in 2022, the debit card transaction volume of the Chinese payment system was $16.2 billion.
Visa’s share amounted to 38.78%, $14.1 billion worth of transactions were made using debit cards of the US payment system. At the same time, Visa’s debit card transactions amounted to to 63.9% of all payments, UnionPay – 75.1%.
A year earlier, Visa’s market share was 39.53% and UnionPay’s 38.68%. MasterCard debit card share has fallen nearly 18.5% since 2021, from 39.53% to 21.19%.
Analyst FG “Finam” Igor Dodonov in an interview with “Izvestia” explained the increase in demand for cards of the Chinese payment system by the growth of the economy of the Asia-Pacific region and the slowdown in US GDP. .
In early March 2022, Visa and MasterCard suspended work in Russia due to events in Ukraine. Since March 10, the payment system cards issued by Russian banks continue to work only on the territory of the Russian Federation.
On May 23, 2023, Tinkoff Bank announced that it had started issuing UnionPay payment system cards to all its customers for payments in Asia, South America and Africa.
Photo credit: humphery/Shutterstock
Author:
Ahmed Sadulayev
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
