UnionPay, the making of a Chinese monopoly

Posted by - September 18, 2020

Founded in 2002, UnionPay International is the global arm of China UnionPay (CUP). CUP, or simply UnionPay, was established by the People’s Bank of China (PBOC), China’s central bank, with 85 domestic banks as shareholders. It is a payments network and card scheme, similar to Visa, Mastercard and Verve, Interswitch’s bank card.   Over the