According to UnionPay International, more than 20% of Canadian merchants now accept its card.
In recent news, American retailer Walmart released plans to expand to Canada and roll out Visa cards in its Canadian stores. Considered the world’s third largest, behind Visa and Mastercard, Union Pay’s share of the global market has been expanding mainly due to its lower fees, according to America Retail.
Retail Council of Canada representatives embrace companies such as UnionPay coming to Canada as they consider that the credit card duopoly in the country, held by Mastercard and Visa, is setting prices far higher than should be the case in a competitive market.
Recently, commercial Chinese banks in Canada began issuing the card. The company said it ultimately wants to see Canadian banks issue the UnionPay card.
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