China Unionpay intends to boost bank card spending

China UnionPay is conducting a campaign to increase bank card spending so as to stimulate domestic consumption. Company announced it would work out a comprehensive payment solution to accelerate transactions and will also promote the larger issuance of more bank cards.

China’s singular nationwide payment network operator told about the five stimulus measures, including further expansion of the bank card transaction network into rural areas and expansion into small and medium stores. Bankcard payment will also be accepted in more areas: healthcare insurance, electricity and water fees, the telecom sector. 

The measures also include speeding up innovation in bank card payment channels. New methods of payment will be encouraged such as transactions with the help of mobile phones, the Internet and fixed lines.