Chinese state-affiliated card network UnionPay is partnering with Italian acquirer Nexi to boost its acceptance network in Italy:
This is an excerpt from a story delivered exclusively to Business Insider Intelligence Payments Briefing subscribers.Chinese state-affiliated card network UnionPay is partnering with Italian acquirer Nexi to boost its acceptance network in Italy, according toThe partnership will expand UnionPay acceptance among e-commerce merchants and Nexi will ensure UnionPay card acceptance among all merchants using its systems.
UnionPay has been losing its spot as the largest card network in the world. In 2017, UnionPay held 33% of the global payment card market, making it the largest single network in the world. But that lead is down slightly from 2016, and UnionPay is now second to Visa by transactions, tied with Mastercard. About 99% of UnionPay's business is concentrated in China, where customers have on average 4.5 cards per person.
Mobile wallet popularity in China and foreign competition are eating into UnionPay's business, making global expansion necessary for further growth. Chinese consumers have taken to mobile payments in droves, and that's threatening UnionPay's ability to generate meaningful volume and revenue growth. Major mobile wallets Alipay and WeChat Pay are ubiquitous in China, and because they circumvent card rails, they limit UnionPay's ability to grow or generate valuable card fee revenue.
The European market has been a pillar of UnionPay's global expansion strategy.Earlier this year, UnionPay
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