It is supervised by the Central Bank (People's Bank of China). Because China UnionPay is a joint-stock financial service institution approved by the People's Bank of China and initiated by more than 80 domestic financial institutions.
Function:
First, establish an independent and unified monetary system, make RMB the standard currency for domestic circulation, and coordinate various economic departments to control inflation;
Second, quickly establish branches, form a national banking system, take over bureaucratic capital banks, and rectify the private financial industry;
Third, implement financial management, channel hot money, crack down on the black market of gold, silver and foreign currencies, abolish the privileges of foreign banks in China, prohibit the circulation of foreign currencies, and uniformly manage foreign exchange;
The fourth is to carry out deposit, loan, remittance and foreign exchange business, promote the exchange of materials between urban and rural areas, and prepare for economic construction.
The future prospect of unionpay:
1, the bank card payment industry is constantly creating social value in the digital wave.
In 20021year, the acceptance network of unionpay has expanded to 180 countries and regions around the world, covering more than 67 million merchants. The domestic bank card industry will further promote the digital transformation of card issuing and accepting terminals, and accelerate the construction of mobile, online and intelligent scenes. By the end of 20021,the number of registered users of China unionpay express APP has exceeded 450 million, and the health codes and bus codes in various places have been widely connected to mobile payment APPlications such as China unionpay express app, and financial payment and people's livelihood services have been effectively combined in the development of mobile payment. In the context of the epidemic, China UnionPay and other industry organizations actively responded to the call of relevant national policies, launched green and low-carbon theme cards, reduced fees, and publicized the concept of green, low-carbon and inclusive.
2. The market develops in an orderly way in the steady progress of top-level design supervision.
In 20021year, the industry supervision departments implemented the decision-making arrangements of the CPC Central Committee and the State Council, and the top-level design of relevant supervision was implemented steadily, and the financial business of platform enterprises was further standardized. Payment and related financial business norms continued to advance in depth, and risk prevention and control efforts continued to strengthen. Under the guidance of supervision, overseas bank card clearing institutions, non-bank payment institutions and other entities promote the domestic exhibition industry and related preparatory applications in an orderly manner. New breakthroughs have been made in the legislation, service and management of payment and related businesses, laying the foundation for the orderly and healthy development of the industry under the new situation.
3. Driven by technological progress and market demand, the industry explores innovative breakthroughs.
202 1 Driven by technological progress and market demand, different technologies such as cloud computing, artificial intelligence and blockchain are integrated in the process of industry application, which deeply affects the digital transformation of market institutions from the bottom system to the upper application, and provides more practical basic support for the innovation of bank card products and services. The industrial side uses digital technology to continuously improve the online and intelligent product experience, while exploring privacy computing technology, taking into account data value application and data security protection. All parties actively carry out technical standards cooperation, promote the popularization of new technologies, and break through the bottleneck of development.
4. All parties in the industry continue to optimize the development of quality and efficiency in open cooperation.
In the context of the persistent epidemic, in 20021,all parties in the industry continued to carry out multi-dimensional open cooperation around digitalization, and digital production factors were integrated and coordinated in cooperation, helping market institutions to break through the capability boundary and promote new value creation. International card companies and commercial banks have steadily promoted the construction of open platforms, so that financial payment services can be efficiently combined with third-party scenarios.
5. The payment industry actively explores the digital opportunities of "going out"
Since the epidemic, the online payment habits of overseas consumers have continued to penetrate, and the demand for cross-border payment has increased substantially. In 20021year, the domestic bank card industry actively tracked the changes in overseas markets, provided efficient bank card payment services for overseas cooperative institutions through digital card issuance services and innovative online acceptance products, realized SaaS card issuance and merchants' convenient access to payment tools, and met the needs of institutions and end users for digital solutions. Some institutions explore the application of domestic mobile payment technology, standards and market experience in the international market, and actively deploy overseas mobile payment, e-commerce, digital financial services and other fields.