UnionPay plans to cash in as changing tastes alter stakes
Updated: 2016-06-17 08:14
By Sophie He in Hong Kong(HK Edition)
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UnionPay International will continue to expand its network in Hong Kong while providing more new payment products to help retailers boost consumption, according to Carlson Li, general manager of UnionPay International Hong Kong Branch.
Focusing on the growth and support of UnionPay's global business, UnionPay International is a subsidiary of China UnionPay.
"We want to cooperate with more retailers (in the region), including online retailers," Li told China Daily, noting that consumer demand has been changing, and UnionPay International will continue to respond to those changes to meet consumer demand.
"Consumers now want more mobile payment methods, and a speedier payment process, especially in stores like 7-Eleven and Watsons, which is what UnionPay International has been working on," Li said.
UnionPay has an online payment platform and its mobile payment system can be used on a wide range of smartphones.
UnionPay International is in partnership with more than 1,000 institutions worldwide, allowing card acceptance in 157 countries and regions with issuance in more than 40 countries and regions. The scale of the company's business allows it to assess changes in consumer behavior for its retail partners, according to Li.
He said analysis has shown that mainland consumers now pay more attention to their "experience" when traveling overseas, rather than just travel for shopping. In Hong Kong, UnionPay International has cooperated with more food and beverage retailers, hotels and theme parks to launch promotion campaigns in order to boost consumption.
Besides, data analysis has also helped retailers find their customer base so they can launch targeted promotions or modify business strategies.
According to Li, UnionPay International found out several years ago that mainland consumers were cutting their spending on luxury goods, and subsequently informed its luxury retailer partners in Hong Kong.
As a result, some of them made quick changes to adapt themselves to the situation.
Li said that despite the current downturn in Hong Kong's retail market, he is optimistic about the city's retail industry.
According to UnionPay International data, about 40 percent of the city's retail consumption comes from mainland travelers. Their spending power remains high in the SAR and has recently stabilized.
As for competing in the future with Visa, MasterCard and other competitors in the region, Li said UnionPay International will continue to do what it has been doing - offering a safe, fast and low-cost payment method to consumers.
"Consumers will make their own choices, but retailers are willing to offer favorable terms and special discounts to UnionPay users, as it has issued five billion cards globally. Our large network has made it very convenient for retailers," he said.
sophiehe@chinadailyhk.com
(HK Edition 06/17/2016 page11)