How UnionPay Grew
UnionPay was created in 2002 by a consortium of Chinese banks to drive domestic payment settlement and inter-bank transactions across every kind of platform. Its main backers are the Chinese government and the country’s largest commercial lenders, and its major shareholders include the People’s Bank of China, the Commercial Bank of China and other heavyweights of Asia’s financial sector. In 2012 it set up UnionPay International, a subsidiary responsible for expansion into foreign markets.
Agreements with more than 2,500 institutions worldwide now secure acceptance of its debit, credit and prepaid cards in 181 countries. According to figures from the research firm Nilson, UnionPay is the world’s biggest card issuer, with 9.4 billion cards in circulation. More than 30% of all card transactions are made with UnionPay cards, a share beaten only by Visa at 40%.
UnionPay Milestones
2021
The Mobile Phone as a POS (MPP) product is launched.
2022
With the backing of the National Bank of Serbia (NBS), UnionPay creates the national UnionPay-DinaCard cards in Serbia.
2023
Coverage in Europe widens: more than 90% of countries and regions on the continent now accept UnionPay cards.
Advantages and Drawbacks
Advantages
- Growing market presence
- Mobile payment services
- Solid track record
- High level of security
- Withdrawals possible through UnionPay MoneyExpress
Drawbacks
- Withdrawals carry fees
Depositing with a UnionPay Card
To pay with UnionPay, a player needs an account at the casino and a UnionPay card. The deposit itself works like this:
- Log in to the casino account and open the Banking or Cashier section.
- Choose UnionPay from the available methods.
- Enter the amount to deposit.
- Fill in the UnionPay card number and the other verification details.
- Enter the SMS code to verify the transaction.
- Confirm the payment.
Withdrawals work differently. Payouts are only possible through the UnionPay MoneyExpress remittance service, which is available in 57 countries and through 20 mainstream remittance providers such as MoneyGram. Where a casino offers this option, it sends the payout through the UnionPay banking system using the recipient’s 16-digit card number, name, the amount and the purpose of the payment. Every withdrawal carries a fee, which is normally paid by the customer.
Where UnionPay Is Accepted
UnionPay’s network has grown steadily in recent years and now covers 181 countries and regions, including the USA, Canada, France, Germany and Australia.
Card Types
Like Visa and Mastercard, UnionPay International issues debit, credit and prepaid cards. Each card carries a 16-digit number, an expiry date and a matching PIN, all of which are needed for a successful casino payment. UnionPay also runs the largest PIN-based network in the world, which keeps every debit card transaction secure.
Currencies
UnionPay works in the local currency of each country where it is registered as a financial service, so the base currency can be USD, EUR, RMB, HUF, NZD and many more. Thanks to its global reach, cardholders can also convert the balance on their card into another currency through the UnionPay Card Exchange system.
What UnionPay Offers Casinos
UnionPay brings several advantages to online casinos and their players, which is why it is a popular choice in gaming:
Broad Acceptance
UnionPay cards are accepted in 181 countries, which makes them a good fit for international players.
Strong Security
Encrypted transactions and fraud prevention protocols keep every payment safe.
Lower Fees
UnionPay usually costs less than many other payment methods: in EEA markets its fees range from 0.2% to 1.5%.
Multiple Currencies
Handling transactions in several currencies is a real plus for players who use international gambling sites.
The Player Experience
Paying with a UnionPay card feels just like paying with Visa or Mastercard. The player selects UnionPay in the casino cashier and can then either use the card or scan a QR code. The card route asks for the card number, the cardholder’s name, the expiry date, the CVV code and the amount, and the one-time password sent by SMS completes the payment.
Help and Support
UnionPay provides customer support in every region where it operates, across Asia, Europe, the Americas, Oceania and Africa. An overseas service hotline handles urgent matters such as lost or stolen cards, and each region and country has its own dedicated email address.
Transfer Limits
UnionPay allows transfers of up to USD 10,000 per recipient per day, or the equivalent in CNY, and up to USD 50,000 per recipient per year.
Security
UnionPay treats security with the utmost seriousness. Besides current encryption technology that protects all sensitive information, it uses machine-learning algorithms to spot risks and reduce them.
Licensing
UnionPay’s international business is licensed in every jurisdiction where it operates. The company was also behind some of the first cross-border QR code payment solutions in Asia, for instance in Nepal.
UnionPay FAQ
Can players use UnionPay at online casinos?
Yes. UnionPay is an effective method that supports deposits as well as withdrawals.
Is UnionPay free to use at online casinos?
Most casinos charge nothing for UnionPay payments. Withdrawals do carry a fee, which is charged by the UnionPay MoneyExpress service.
In how many countries is UnionPay accepted?
UnionPay is available in 181 countries and regions around the world.
Is UnionPay safe to use?
Yes. It relies on SSL encryption together with machine-learning systems that guard against fraud and identity theft.
