Global trade

UnionPay enjoys close to 100 percent recognition in Chinese households, according to researcher ACNielsen. Its subsidiary, UnionPay International Co, which launched in December 2012, is dedicated to operations in overseas markets to accelerate the brand's integration into the global financial market, said Su Ning, board chairman of China UnionPay and UnionPay International

More than 60 commercial banks from the Chinese mainland and other economies had become members of UnionPay International by the beginning of March.

Liu Shiyu, deputy chief of the central bank, said he hoped UnionPay International would become a widely recognized, mainstream brand in the global payment market.

In the first half of 2012, 42.7 percent of social retail goods were paid for using bank cards in China. A growing number of Chinese enterprises and individuals were using China UnionPay cards for cross-border settlements, accelerating the internationalization of the yuan, said Liu.

China UnionPay has already set up an extensive network in China. UnionPay International will help extend its business in overseas markets, said Liu.

"The launching of UnionPay International will help boost Shanghai's presence in the global financial market," said Tu Guangshao, vice-mayor of Shanghai.

Shanghai is striving to become an international hub for the innovation, trading, pricing and clearing of yuan products by 2015. UnionPay International is expected to play a role in efforts toward that goal, said Tu.