China UnionPay overtakes Visa in debit card market for the first time
May 29, People’s Daily online — In 2022, China’s UnionPay debit card transaction rate surpassed US Visa’s for the first time. According to the data, UnionPay’s market share was 40.03%, while Visa’s was 38.78%. This was reported by the American analytical company Nielsen.
From 2011 to 2021, Visa’s market share has fallen from almost 80% to 39.53%, while China UnionPay’s share has increased from near zero to 38.68% over the years.
In 2022, the volume of transactions through the American payment system Visa reached 14.109 billion US dollars, and through the Chinese UnionPay – 16.227 billion US dollars.
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