UnionPay bypassed Visa by debit cards

10.07.2023 According to the international research center Nilson Report, last year the Chinese payment system UnionPay for the first time surpassed the American Visa in the debit card market: the share of transactions on its debit cards reached 40.03%, and Visa — 38.78%.

In 2021, Visa's share in the market was 39.53%, and UnionPay — 38.68%. Since 2011, transactions on debit cards of the American system have fallen from almost 80 to 39.53%, and those of the Chinese system have increased from zero to 38.68%.

Analysts attribute the increase in UnionPay's market share to the growth of the economies of the Asia-Pacific region, where this system is most common.
UnionPay International, as a subsidiary of China UnionPay focused on global business, has entered into partnership agreements with more than 2,500 institutions around the world and provided card acceptance in 181 countries and regions, and issuance in 79 countries and regions.

In the Asia-Pacific region, every fourth new bank card is a UnionPay card. Also, do not forget about the development of the Chinese currency - the yuan. According to official data, it has become the fifth payment currency in the world, the third currency in trade settlements and the fifth reserve currency.

Link to source: https://www.globaltimes.cn/page/202305/1291548.shtml#:~:text=%22Debit%20cards%20with%20the%20UnionPa....