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Will China Unionpay Expand from a Domestic Monopoly to a Global Player?

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Will China Unionpay Expand from a Domestic Monopoly to a Global Player? A MEMBER OF THE UNIVERSITY OF HONG KONG GROUP 香 港 大 學 機 構 成 員 AMY YIP YIHONG YAO WILL CHINA UNIONPAY EXPAND FROM A DOMESTIC MONOPOLY TO A GLOBAL PLAYER? In the future, UnionPay will vigorously promote card issuance overseas, bring convenient and secure services to more cardholders, and seek common development and mutual benefits with its partners, while continuing to expand the card acceptance network, accelerate innovation on cross-border payment products and services, and better support Chinese cardholders for using their cards outside China.1 -- Ge Huayong, Chairman of China UnionPay In March 2002, UnionPay, China’s first and only bankcard association was established on the approval of the State Council of China and China’s central bank, making domestic inter-bank transactions and settlements possible in the country.2 In 2010, China UnionPay issued more than 2.3 billion payment cards, with a 29.2% share of payment cards worldwide, surpassing Visa, MasterCard and American Express, and becoming the largest player in the global bankcard industry in terms of number of payment cards in circulation.3 In 2004, UnionPay, not satisfied with the huge Chinese domestic market, expanded its business globally. In November 2012, UnionPay International, supporting UnionPay’s overseas businesses and cross-border transactions for bankcards issued in China, was established in Shanghai, accelerating the Chinese bankcard monopoly’s globalization progress. By January 2015, China UnionPay expanded its network to more than 150 countries and regions, and had about 400 domestic and international partners.4 1 China UnionPay News Center (19 January 2015) “China UnionPay Chairman Ge Huayong delivers speech at the Asian Financial Forum”, http://www.unionpayintl.com/en/enaboutUpi/ennewsCenter/encompanyNews/3003072.shtml (accessed 21 March 2015). 2 Bankcards included ATM cards, debit cards, credit cards, and prepaid cards. ATM cards were linked to a bank account for cash withdrawals and other transactions through automated teller machines (“ATM”). Debit cards were also linked to a bank account for non-cash payment through point-of-sale (“POS”) systems. Credit cards were linked to a credit account with a pre- approved credit limit for non-cash payment through POS systems and other on-line and off-line channels. Prepaid cards were linked to a prepaid account, in which money must be deposited before payment transactions are made. Payment cards included debit cards, credit cards and prepaid cards. 3 Retail Banking Research (August 2011) “Banking Automation Bulletin”, http://www.rbrlondon.com/reports/b291_cards.pdf (accessed 19 March 2015). 4 China UnionPay (2015) “Overview”, http://en.unionpay.com/comInstr/aboutUs/file_4912292.html (accessed 19 March 2015). To order this case, please contact Centennial College, c/o Case Research Centre, Centennial College, Wah Lam Path, Pokfulam, Hong Kong; website: http://cases.centennialcollege.hku.hk . This case was fully supported by a grant from the Research Grants Council of the Hong Kong Special Administrative Region, China (UGC/IDS12/14). © 2015 by Centennial College, a member of The University of Hong Kong group. No part of this copyrighted publication may be reproduced or transmitted, in whole or part, in any form or by any means, whether electronic, mechanical, photocopying, recording, web-based or otherwise, without the prior permission of Centennial College. This case was prepared for class discussion purposes and is not intended to demonstrate how business decisions or other processes are to be handled. Ref.15/001C Published: 23 April 2015 Page 1 Will China Unionpay Expand from a Domestic Monopoly to a Global Player (Ref.: 15/001C) Unlike other companies, which globalized to secure overseas business opportunities and customers, UnionPay globalized its business to provide cross-border card payment services for Chinese cardholders, often Chinese tourists visiting countries and regions overseas. It settled these overseas transactions in RMB, China’s official currency, which was not freely convertible. Overseas UnionPay bankcard transaction fees were much lower, for both merchants and cardholders, than the fees of UnionPay’s rivals, generating competitive advantage for UnionPay’s global expansion. In January 2015, nearly 40 banks and financial institutions in more than 100 foreign countries and regions were issuing local UnionPay cards. However, the number of overseas-issued UnionPay cards in circulation and the value of the transactions made with these cards were much lower than those of UnionPay’s overseas competitors, Visa and MasterCard. China UnionPay’s globalization mainly served Chinese tourists rather than overseas customers. What could the rationale behind this global strategy be? As a monopoly in China’s closed bankcard market, could China UnionPay compete with Visa and MasterCard in overseas markets and realize genuine globalization? Global Card Associations Bankcards were widely used for non-cash payments through point-of-sale (“POS”) systems and other on-line or off-line channels, and for cash withdrawals and other transactions through automated teller machines (“ATM”). A Retail Banking Research (“RBR”) report predicted that the number of payment cards in circulation worldwide would reach 13.6 billion in 2018. 5 These cards were issued by tens of thousands of banks and other financial institutions worldwide. Inter-bank and cross-border transactions would be impossible if these banks and financial institutions did not be linked through a small number of global bankcard or payment-card associations. These associations established standards, allocated card number prefixes, licensed banks and financial institutions to issue cards branded with association names, resolved disputes, and provided information exchange networks, technical and operational support, merchant services, centralized transaction processing, and settlement and clearing services to their members. 6 [See Exhibit 1 for a typical transaction on a card association’s network.] Main card associations included Visa, MasterCard, American Express and UnionPay. Unlike Visa, MasterCard and American Express, which were American corporations with an historical legacy of more than half a century and listed on the New York Stock Exchange (“NYSE”), China UnionPay was a thirteen-year-old state-owned enterprise headquartered in Shanghai. Visa7 Established in 1958, and listed in the NYSE in 2008, Visa was a leading global payment and technology company, linking 14,300 banks or financial institutions, 36 million merchants and millions of customers worldwide. By March 2015, the network reached more than 200 countries and regions. By December 2014, 2.3 billion Visa cards had been issued worldwide. In 2014, Visa processed 98.4 billion transactions with a total volume of US$7.4 trillion, making Visa one of the best-known and most advanced payment card associations in the world. [See Exhibit 2 for Visa’s operational performance in 2014.] 5 The Paypers (21 August 2013) “Number of cards in circulation to reach 13.6 bln by 2018”, http://www.thepaypers.com/cards/number-of-cards-in-circulation-to-reach-13-6-bln-by-2018/752238- 23?cid=752238&sel=23&title=number-of-cards-in-circulation-to-reach-13-6-bln-by-2018&category=cards (accessed 21 March 2015). 6 In 1989, the International Organization for Standardization (“ISO”) published identification numbers for card issuers, ISO/IEC 7812. Visa card numbers started with 4; MasterCard card numbers started with 51-55; American Express card numbers started with 34 and 37; and China UnionPay card numbers started with 62. 7 Unless otherwise referenced, this section was adapted from Visa Inc. (2015) “About Visa” http://usa.visa.com/about-visa/index.jsp (accessed 21 March 2015). CENTENNIAL COLLEGE Page 2 Will China Unionpay Expand from a Domestic Monopoly to a Global Player (Ref.: 15/001C) Visa was an American company headquartered in San Francisco, which expanded its business globally beginning in 1974. Visa not only served Americans, but launched cards worldwide. Locally issued Visa cards were widely used by local card holders and widely accepted by global merchants. According to Visa’s 2014 annual report, 40% of its cards’ transaction volume that year came from the USA, 27% from Asia Pacific and 33% from other regions of the world.8 Soon after its establishment, China UnionPay collaborated with Visa in providing services for Visa in China and issuing co-branded credit cards for Chinese customers. As UnionPay did not have its own clearing network outside China early in its history, these co-branded cards were routed through UnionPay’s RMB clearing network in China and Visa’s USD clearing network overseas. In 2004, UnionPay established and expanded its overseas network. More and more Chinese cardholders elected to use UnionPay’s clearing network overseas, as they could save the 1%-2% currency conversion fee. This threatened Visa’s interests and generated disputes between Visa and UnionPay. MasterCard9 Established in 1966 and listed in the NYSE in 2008, MasterCard was a global payment and technology company. Similarly to Visa, MasterCard linked banks and other financial institutions, merchants and customers worldwide. By December 2014, 2.1 billion MasterCard-brand cards had been issued worldwide. In 2014, MasterCard processed 11.6 billion in transactions with a total volume of US$1.2 trillion. [See Exhibit 3 for MasterCard’s operational performance in 2014.] MasterCard was an American company headquartered in New York, which
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