Do You Know the 500,000 Reasons to Accept UnionPay?

May 20, 2015

At the end of the day, do you fret about missed business or lost sales? Canadian businesses who don’t accept UnionPay are ignoring the largest cardholder group in the world and the rise of Chinese tourism to Canada. 

In China, UnionPay is the payment card of choice at home and when traveling.  In fact, UnionPay has issued 4.7 billion cards worldwide - making it the world’s largest cardholder group.

 

Why should you care?

As a Canadian business owner you may be missing out on purchases from the 500,000 Chinese visitors to Canada each year. Each Chinese visitor will spend over $900 per visit and, given a choice, they might just prefer a method of payment that they are both familiar with and comfortable using. That payment method is UnionPay.

Chinese travel to Canada – 2009 and beyond

Before 2009, Chinese visitors to Canada were relatively few. But late that year, Canada was granted Approved Destination Status making it an attractive option for Chinese tourists with a strong currency and a desire to purchase luxury goods that are not subject to the high import duties and taxes they would encounter at home.  And it’s not just tourists making their way over here from China to spend their hard-earned money. Chinese students are coming here in record numbers for their post-secondary education. 

 

Students need more than just books

Chinese students are the largest group of international students currently in Canada, numbering almost 100,000. Of course, you can count on these students spending money for school-related items such as book and computers but they will also need basic necessities like groceries, clothing and entertainment. All of this spending adds up to Chinese students contributing about $2.4 billion per year to the Canadian economy.  Canadian merchants can help students ease into their new life in Canada by allowing them to pay for goods and services using a familiar method of payment such as UnionPay. 

 

Canada is a major tourist destination for Chinese travelers

While Chinese tourists may decide to visit Canada for our majestic mountains, crystal clear lakes and world-class cities when they are here, shopping rivals sightseeing as a primary activity. In fact, according to The Economist, more than 80% of Chinese tourists say that shopping is vital to their [travel] plans.  

As a business that offers UnionPay as a payment option, you would immediately be recognized by Chinese tourists and students, and potentially thought of as a welcoming, friendly place for them to spend their money.  

 

Help make Chinese tourists feel welcome in your business

Chinese tourists to Canada are prepared to spend money when they are here and they are choosing to spend 77% of their tourism dollars in our retail stores.

To meet the growing demands of Chinese travelers coming to Canada, Moneris is the first payment processor in Canada to partner with UnionPay. This partnership allows Canadian businesses to accept UnionPay cards for purchases here regardless of whether the card was issued in Canada or internationally. As the demand for businesses to offer more diverse payment options grows, make sure you can meet the needs of every customer whether they come from near or far.  With Moneris, accepting UnionPay is like accepting any other card with the same seamless processing and payment systems in place.

Click here to view the full UnionPay infographic.

 

This article is for informational purposes only and it is not intended to provide you with any personalized financial, marketing, accounting or tax advice. Neither Moneris Solutions Corporation (Moneris) nor any of its affiliates shall be liable for any direct, indirect, incidental, consequential or punitive damages arising out of use of any of the information contained in this article. Neither Moneris nor any of its affiliates warrant or make any representation regarding the use or the results of the use of the information, content and materials contained in this article in terms of their correctness, accuracy, reliability or otherwise.

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