UnionPay: the best payment option as Visa and Mastercard move out from the Russian market
Credit cards issued by Russian banks using the Visa and Mastercard payment systems have stopped functioning overseas after March 9, 2022. This prevents Russian consumers from making purchases on foreign sites or countries. In other words, for Russians, online purchases on foreign sites or outside of the country have become impossible. The payment solution PayPal has also just suspended its service in Russia.
These cuts in the international banking system push the Russian banks to fall back on Russian and Chinese alternatives.
Thus, in response to global card giants Visa and Mastercard announcing the suspension of their operations in Russia, some banks have started to turn to the Chinese network UnionPay (aka UnionPay or UnionPay international).
Russia, an important market for UnionPay
Russia is also an important market for UnionPay. The network recently highlighted that only 90% of UnionPay transactions in the country were domestic, that means, the other 10% comes from outside of China. Thus, it’s not just about serving Chinese travelers in Russia. UnionPay can be accepted everywhere from ecommerce Websites to Russia’s state railways.
Silkpay provides 2 UnionPay solutions:
For merchants: Open a business account and accept UnionPay in your e-commerce or in-store in all countries of the EU.
For individuals: Open a personal account and get a Virtual UnionPay Prepaid Card and start shopping online worldwide.
UnionPay: one of the largest card issuer in the world
For the 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 one card from UnionPay which makes it take up to 90% from market share. Outside of China, UnionPay is growing as well.
UnionPay is both a network and a brand. It has debit, credit and prepaid cards in China. Internationally, it has steadily grown acceptance of UnionPay cards through deals with merchant acquirers and banks that own ATM networks. It also partners with local financial institutions in Southeast Asia, Africa and elsewhere to issue UnionPay cards.
UnionPay cards are accepted in 180 countries and regions and are accepted by 55 million merchants.
More than 150 million cards have been issued outside 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 destinations like Hong Kong, Macau, Japan, Southeast Asia, United Arab Emirates, Australia, New Zealand, Russia, Europe and the United States.
To know more details, please check our UnionPay guide.
As a merchant: Accept UnionPay/UnionPay International in your in-store or e-commerce with Silkpay
Silkpay provides omnichannel payment solutions so that its merchants can offer the best payment experience to their customers.
We offer the acceptance of 30+ different payment methods in-store and online for European merchants, such as: UnionPay, Alipay,WeChat Pay, Google Pay, CB, SEPA…
Accepting UnionPay with Silkpay means:
Benefitting from our different and easy integration methods (PaybyLink, API, QR code etc.)
Expert in omnichannel payment
Chinese payment specialist: Alipay, WeChat Pay and UnionPay
Silkpay efficiently manages international payments by accepting local currencies
No maintenance fees, no hidden fees!
Competitive pricing
Support by phone, live chat and email
Our merchants are protected against fraud
A dedicated backoffice where you can view and manage all your transactions
Are you an individual who wants to make payments in Russia or China?
In response to the high demand and requests that we receive from individuals, Silkpay has launched a Virtual UnionPay Card for them. Apply for a card and get it in 2 to 5 days.
About Silkpay:
Founded in 2016, Silkpay is a fintech company and provider of customised payment solutions in Europe, headquartered in Paris (France). Silkpay offers secure omnichannel payment solutions that enable physical stores and e-commerce stores in Europe and the United States to use the world's most popular payment methods: Alipay, WeChat Pay, UnionPay, Visa, Mastercard, CB, PayPal, Google Pay, as well as bank transfers and direct debits.
Silkpay is a winner of the LVMH Innovation Award and was present at the LVMH stand at Vivatech in 2019. The company was also selected as a finalist for the "Money 2020" Best Startup and in the "MPE Berlin" Startup Awards. Silkpay also won the "Best Fintech" awards from Capgemini and BPCE.
Silkpay helps merchants deliver the smoothest payment experience to their customers. We are a talented and international team driven by a single goal: to improve the customer experience and make payments simple and secure.
By phone: +33 7 50 27 78 12
By email: contact@silkpay.fr