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China Union Pay

China Union Pay gaining market in Finland

The Chinese credit card Union Pay is gaining market shares in Finland.

Popular tourist destinations and travel retailers has started to offer the world’s third largest card payment option.

Helsingin Sanomat writes about the recent Nilson report where the usage of Union Pay rose by ten percent. The majority of the growth comes from domestic use in China, but Chinese citizens prefer to use the card abroad too. The Union Pay-card does not have the same limits due to currency restrictions like other global cards have to Chinese users.

 

Now Scandinavian payment service giant Nets has recently started to provide traders with Union Pay. The World Duty Free Group stores at Helsinki Airport use it.

“So far, it’s just a few merchants with clearance. But I believe that in Lapland, in Helsinki city center and the airport, its acceptance will continue to grow, ” Nets Commercial Director Sami Toivonen tells Helsingin Sanomat.

The experience so far is that the adoption of Union Pay has stimulated purchases and increased the size of purchases. Probably because the Chinese consumers don’t have to care about the restrictions.

“The fee is the same as small specialty credit cards like American Express or Diners Club.”

 

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Ansvarig utgivare: Björn Nylund bjorn.nylund@scandinavianretail.se ScandinavianRetail.com ges ut av Scandinavian retail newsservice AB, org. nr 556935-9945 | All contacts: contacts@scandinavianretail.se Please allow 24 hrs to respond. | Tel: +46 (0) 760 541 850 (Sweden) | +47 988 29 274 (Norway) | +358 41 36 20 542 (Finland) | +45 266 49 316 (Denmark) |