BEIJING -- China's bank card industry will take a giant leap forward following March 26's announcement that a unified national payment system is to be introduced, according to the English-language newspaper China Daily.
With an all-Chinese shareholder structure and a registered capital of $198.8 million U.S., China Unionpay Co. Ltd will link all banks' payment systems throughout the country. Its brand will appear on all bank cards, ATMs and POS terminals.
The system is slated to be completely operational by 2005, according to China Daily.
Since Jan. 10, China Unionpay bank card users in Beijing, Shanghai, Guangzhou, Hangzhou and Shenzhen have been able to use any ATM or POS, thanks to China Unionpay.
By the end of 2002, China Unionpay will link ATM and POS machines in 100 cities and build up a cross-region and cross-bank network in 40 major cities, according to the paper.
Since 1987, China has issued more than 383 million bank cards. The transaction volume reached approximately $1 trillion U.S. in 2001.
