China UnionPay expanding global presence

Part of UnionPay's success abroad is the efforts to make sure all partners, card holders and merchants could benefit, Cai said.

UnionPay has launched marketing campaigns to offer cross-border travelers and card holders a wide range of privileges and discounts at the world's top 60 airport duty-free shops, 40 commercial districts and 20 tourist attractions.

Widespread recognition of UnionPay cards has accelerated the internationalization of the Renminbi. The bigger role China plays in regional and world economic development attracts more foreign card holders, Ge said.

Regarding competition with Visa and MasterCard on the global stage, Ge said the company will continue to provide discount promotions and improve services in South Asian countries while expanding the acceptance network of UnionPay cards in Europe and the US.

He said the company's future plan is to introduce more applications and serve as a gateway to retailers with online shopping platforms, and may jointly offer applications with developers of smart devices, such as "mobile payment" and "phone pockets" to facilitate cross-border transactions.

"As the world's second largest economy, China should have its own international payment system to match its status," Ge said. "UnionPay is expanding its global networks."