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UnionPay rises to No. 1 in payments

April 8, 2014

For the first time, China's UnionPay has surpassed Visa credit and debit cards as the most popular payment method worldwide, according to the latest Nilson Report. Established in 2002, UnionPay is the national bankcard association in China.

Overall purchases of goods and services from merchants worldwide in 2013 grew by $2.79 trillion or 22 percent to $15.42 trillion (not including cash advances or cash withdrawals via credit card).

In a comparision between credit card purchase volume only, Visa's market share of 39.22 percent was down 262 basis points. MasterCard's share dropped 158 basis points to 26.08 percent. UnionPay's share grew by 534 basis points to 20.39 percent.

The American Express share fell 109 basis points to 11.79 percent. JCB's share improved by 3 basis points to 2.21 percent, and Diners Club's share declined 8 basis points to 0.32 percent.