SINGAPORE, May 10, 2024 /PRNewswire/ -- UnionPay's Project Excellence 2024 delivers new results. UnionPay International (UPI) announced today the cooperation with Bank of China Singapore Branch (BOC Singapore) to issue the SplendorPlus Card, marking the debut of the product outside China's mainland. The product supports payment with card, QR, and OEM Pay and provides a wide range of China-specific benefits to improve the payment experience of international visitors. Mr. Dong Junfeng from China UnionPay and Mr. Lin Jingzhen, Executive Director and Executive Vice President of BOC, delivered video speeches, while Mr. Shi Wei, General Manager Designate of BOC Singapore Branch, attended the launch event in person.
Mr. Dong Junfeng said that UnionPay, as a major global card scheme, attaches great importance to the payment experience of international visitors in China and has launched Project Excellence 2024 at the beginning of this year to further enhance UnionPay's payment services for inbound travelers. The SplendorPlus Card, issued in partnership with BOC Singapore, not only provides additional payment options for Singaporeans but also showcases China's natural splendor and hospitality. Looking ahead, UnionPay remains committed to improving its acceptance network, products, and services to create a more user-friendly and secure payment experience for international visitors.
Mr. Lin Jingzhen emphasized that Bank of China is committed to providing better payment services for the customers. Offering high-quality and efficient payment services to international visitors in China is not only a shared objective of BOC and China UnionPay, but it also plays a significant role in implementing China's high-level opening-up strategy and fostering the people-to-people exchanges and trade ties between China and Singapore.
The newly-launched SplendorPlus Card boasts three features. First, it can be issued in both physical and virtual forms to satisfy the various payment needs of international visitors, allowing cardholders to pay with card, QR code, NFC or to take out cash. Second, the product carries a broad selection of benefits. On top of the basic 1% cash rebate, cardholders who use the card in China's mainland during designated holidays or peak travel seasons may enjoy additional rebate up to 9%. UnionPay has also converted its common use cases and popular offers into long-standing card benefits, which cover five categories of selected merchants, namely airport VIP lounge, transportation, tourist attractions, culture and art, and cuisine, which will better serve internationals who travel, study, or work in China. Third, three distinctive card designs are on offer, enabling cardholders to appreciate China's enchanting landscapes and cultural heritage while enjoying frictionless payments.
In Singapore, over 90% POS terminals take UnionPay cards, and more than 1.8 million UnionPay cards have been issued locally. Ten UnionPay-powered e-wallets have been launched in the country, covering over three million local users. The transaction volume by these cards and e-wallets in China's mainland has continued to grow. UPI and BOC Singapore are deepening collaboration this time by broadly rolling out the SplendorPlus Card to China-bound business travelers and tourists, and will jointly conduct branding and marketing campaigns. In the future, the product will be also issued by major partners in South Korea, Mongolia, Saudi Arabia, Kazakhstan and Uzbekistan.
The UnionPay acceptance network has extended to 182 countries and regions outside China's mainland, covering about 67 million online and physical merchants. Over 230 million UnionPay cards have been issued in 81 overseas markets and about 200 UnionPay-powered wallets have been rolled out in 35 countries and regions outside the Chinese mainland. These products can be used across borders and are easily accepted on ATMs, POS or QR terminals in China's mainland, making them favored payment options for international visitors to China.
