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CUP meaning in Community ? |
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Answer» What is China Union Pay mean? UnionPay (Chinese: 银联; pinyin: Yínlián), also known as China UnionPay (Chinese: 中国银联; pinyin: Zhōngguó Yínlián) or by its abbreviation, CUP or UPI internationally, is a Chinese financial services corporation headquartered in Shanghai, China. It provides bank card services and a major card scheme in mainland China. Founded on 26 March 2002, China UnionPay is an association for China's banking card industry, operating under the approval of the People's Bank of China (PBOC, central bank of China). It is also an electronic funds transfer at point of sale (EFTPOS) network, and the only interbank network in China that links all the automatic teller machine (ATMs) of all banks throughout the country. In 2015 the UnionPay overtook Visa and Mastercard in a total amount of value of payment transactions made by customers and became the largest card payment processing organization (debit and credit cards combined) in the world after the two. UnionPay offers mobile and online payments services. reference |
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