Larry Wang : “Credit cards have increased the active degree of the economy”
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UnionPay International is currently in the process of expanding its international reach. Its Chief Business Development Officer elaborates on the brand’s unique selling point and the place of credit cards in the economy.
BUSINESSMAG. The Chinese market is growing in importance in the eyes of Mauritian investors. How will the three new products launched by UnionPay in collaboration with Cim Finance be of advantage to them?
The three new products are the first UnionPay credit cards issued by UnionPay in Africa, which has beefed up the UnionPay card offering in the local market and is of great significance in other aspects. Cardholders can use the cards in over 140 countries and regions around the world, including Mauritius, China and other countries.
In mainland China, the cards can be accepted by all ATMs and POS terminals and will be debited in MUR when used for purchases; while in Mauritius and other countries and regions, the cards can be used for purchases in local currency, bringing local cardholders new payment choices and convenient and favourable card-using service.
Currently, UnionPay International (UPI) is accelerating the optimisation of overseas UnionPay card product and service system, enriching global special offer plan for cardholders, and continuously optimising cardholders’ card-using experience.
BUSINESSMAG. What does your brand represent in terms of turnover and transactions worldwide?
UnionPay is a fast-growing international payment brand. It has become a household name in mainland China since its inception in 2002. With a strong track record in China and the wider Asia region, UPI is well-positioned to facilitate the growth of business and consumption in Asia and the rest of the world.
As a relatively young player in the global payments industry, UPI is committed to its brand promise of “Growing Together” via “New Frontiers, New Value and New Growth”. UPI will continue to invest in human resources, business innovation and infrastructure enhancement, and partner closely with banks, merchants and cardholders.
BUSINESSMAG. There is an increasing emergence of e-money worldwide. In this context, how is plastic money ensuring its survival?
E-money and plastic money are payment tools in different areas and with different interactive channels. Currently, from a global perspective, the plastic money industry has put in place a relatively perfect ATM and POS network and has had relatively mature payment technology through many years of market experience. Therefore, plastic money has greater advantages in terms of convenience in carryingand using, and security in payment.
BUSINESSMAG. Do you share the view that Credit Cards have contributed to the indebtedness of people around the world?
On a global scale, the debit card transaction has been growing at a faster pace than that of credit card in terms of both transaction volume and quantity, and more and more countries have developed regulatory policies to encourage the use of debit cards.
However, due to the convenience of credit facilities and diversified marketing or points awarding activities, many people still prefer purchase with credit cards. In addition, the credit line provided by banks has controlled some credit risks and more and more countries have developed regulatory policies to normalise credit card interest rates, which has contributed to the stable growth of credit cards.
BUSINESSMAG. How important are credit cards in econonomic life?
The development of credit cards has reduced the cost of tran-saction in economic life and the proportion of cash carried in hand, and significantly increased the active degree of the economy, thus promoting economic development.
On the other hand, as a service medium, credit cards have formed a bond between banks, card organisations and cardhol-ders, placing banks and card organisations in a better position to understand users’ demands and provide them with a more consi-derate service, so as to effectively promote economic activities.
