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China’s digital payment services see global expansion in 2022

BEIJING (XINHUA) – China’s digital payment sector expanded last year to cover more global clients and shore up the domestic real economy, according to a report by China UnionPay, the country’s largest bank card payment processor.

In 2022, online payment services provided by China Unionpay extended to over 22 million clients in over 200 countries and regions overseas, said the annual report on the development of China’s bank card industry.

Over 41 million people across China received consumption vouchers from China Unionpay’s payment app last year, which brought about transactions worth nearly CNY50 billion (about USD6.9 billion). The company’s offline payment network reached out to 38 million corporate clients in 181 countries and regions worldwide, as Chinese payment companies sought to enhance their global presence through means such as creating cross-border payment products and services, the report revealed.