UnionPay the best payment option when Visa and Mastercard leave 

Credit cards issued by Russian banks using Visa and Mastercard payment systems stopped working abroad after March 9, 2022. This prevents Russian consumers from making purchases on foreign sites or countries. In other words, for Russians online shopping on foreign sites or outside the country has become impossible. The PayPal payment solution has also just suspended its service in Russia. These cuts in the international banking system push Russian banks to fall back on Russian and Chinese alternatives. So, in response to the global card giants Visa and Mastercard announcing the suspension of their operations in Russia, some banks have started turning to the Chinese UnionPay network (aka UnionPay or UnionPay international). Russia, an important market for UnionPay Russia is also an important market for UnionPay.

UnionPay: one of the largest card issuers in the world

UnionPay can be accepted everywhere, from e-commerce to Russian State Railways. For Russian banks, UnionPay was pretty much the perfect choice to replace Visa and Mastercard. UnionPay is no less than the giants Visa and Mastercard. In fact, it is already the largest network by number of cards in circulation. In China, all cardholders most likely have a UnionPay card, allowing it to take up to 90% market share. Outside of China, UnionPay is also growing. UnionPay is both a network and a brand that has debit, credit and prepaid cards in China. Internationally, UnionPay cards are increasingly accepted through agreements with merchant acquirers and banks that have ATM networks. UnionPay also partners with local financial institutions in Southeast Asia, Africa and elsewhere to issue cards.

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As a merchant Accept UnionPay in your store or e-commerce

More than 150 million cards have been issued outside of China in 67 countries and regions, according to UnionPay. UnionPay cards are accepted for cash withdrawal at 1.7 million ATMs outside mainland China, covering major travel DT Leads destinations like Hong Kong, Macau, Japan, Southeast Asia, United Arab Emirates, Australia, New Zealand, Russia, Europe and the United States. To learn more, please see our UnionPay guide . Silkpay provides Omnichannel payment expert Chinese payment specialist: Alipay, WeChat Pay and UnionPay Silkpay efficiently manages international payments by accepting local currencies No maintenance fees, no hidden fees! Competitive prices omnichannel payment solutions so that its merchants can provide the best payment experience to their customers. We offer acceptance of more than 30 different payment methods in-store and online for European merchants, such as: UnionPay, Alipay , WeChat Pay , Google Pay, CB, SEPA, Visa, Mastercard, Paypal.

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