UnionPay, sometimes referred to as China UnionPay, is the Chinese financial services company based in Shanghai that is behind the only nationwide payment terminal and ATM network in Mainland China. As a result of its widespread use in China, UnionPay is accepted by a large number of stock CFD & forex brokers that cater to Chinese traders.
Due to the massive number of users, UnionPay is the largest card payment organization worldwide based on the value of transactions, ahead of international giants like MasterCard and VISA. In China, UnionPay is also used with mobile payment apps like WeChat Pay and AliPay for both offline and online purchases. Due to restrictions in China, however, the amount that can be transferred internationally every year is limited, and traders must adjust their transactions accordingly.