2022 China UnionPay surpassed Visa in global debit card transaction share for the first time

2023-06-01The Source:Silk Road Express
Ria Novosti, May 29 (Reuters) - Debit cards in China's UnionPay system surpassed Visa in the share of transactions for the first time in 2022, according to data from Nielsen. Unionpay debit card transactions accounted for 40 per cent, or $16,227 billion; Visa accounted for 38.8 percent, or $14,109 billion. Between 2011 and 2021, Visa's share of transactions fell from nearly 80 per cent to 39.5 per cent, while that of China UnionPay's payment system rose from near zero to 38.7 per cent. The departure of Visa and MasterCard from Russia will spur China's payment system to increase its market share, experts said.
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