Abstract:

The purpose of the article is to analyze the current strategy of the UnionPay payment system in the framework of the development of the world market. For this, the prerequisites for the formation of a national payment system in China, the stages of creation and the result that have been achieved so far are considered. UnionPay is available in most ASEAN countries, the next stage of the company's management is to enter the markets of the CIS countries.

The authors also highlighted the key factors that allowed China Union Pay to enter the world top in card issuance: 1) formation in a closed environment with favorable growth of the national economy; 2) system management and building an extensive infrastructure for receiving and serving consumers; 3) fast and successful implementation of innovative technologies; 4) cooperation with competing payment systems to gain experience and convenience of existing customers.