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UnionPay overtakes Visa in global debit card transactions – Nilson Report ...News
The Chinese payment system has benefited from its expansion in Russia after US rivals left, research shows Chinese payment system UnionPay has overtaken rival Visa on the global debit card market, research by analytical company Nilson Report has found. According to the study, UnionPay’s share of debit card transactions reached 40.03% in 2022, while the share of Visa transactions was around 38.8%. The volume of settlements made through UnionPay cards was also bigger, reaching $16.227 billion against Visa’s $14.109 billion. In 2021, Visa had a larger market share – 39.53% – compared with UnionPay’s 38.68%. The study
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