The main responsibilities are to build and operate the UnionPay interbank transaction clearing system, promote the unification of bank card standards and norms, provide basic bank card services such as interbank information exchange, clearing data processing and risk prevention for commercial banks and cardholders, promote the intensive and large-scale development of the bank card industry, and at the same time, unite commercial banks to build their own brand of bank cards.
UnionPay and the bank belong to a cooperative relationship. Inter-bank settlement, information interconnection and clearing data processing are all connected through the foundation provided by UnionPay.
Extended data:
Business scope of China UnionPay:
1. Manage and operate UnionPay logo, and authorize banks to issue dual-currency credit cards (mostly RMB and USD) with China UnionPay logo and other credit card company logos. Most bank cards circulating in Chinese mainland bear the UnionPay logo. Construction and operation of a unified national inter-bank information exchange network for bank cards.
2. Provide electronic payment technology and professional services related to inter-bank information exchange of bank cards. In major cities of Chinese mainland, most ATMs are affixed with UnionPay logo, which can provide services for bank cards with China UnionPay logo.
3. Formulate norms and technical standards for interbank transactions of bank cards, and coordinate and arbitrate interbank transaction disputes. For example, when using a bank card across banks, the fee sharing between the issuing bank and the acquiring bank and other issues. Organize industry training, business seminars and international exchanges, and engage in related research and consulting services. Other related services approved by the People's Bank of China.
Baidu Encyclopedia-China UnionPay
Baidu encyclopedia-bank