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UnionPay International

Controversies

Controversies tied to this brand in public sources. A listing is not a finding of fault.

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  1. 2024

    China UnionPay fined RMB 15.4 million by PBOC for violating merchant management and other rules

    In February 2024, the People's Bank of China published administrative penalty information (Yin Fa Jue Zi [2024] No. 4-11), showing that China UnionPay was warned and fined RMB 15.4 million for violating merchant management rules, payment acceptance terminal and related business management rules, customer reserve fund management rules and other provisions, and relevant responsible persons were also penalized. Previously, its controlled subsidiary UnionPay Merchant Services was fined and had about RMB 65.317 million confiscated in 2022 for violating clearing management, anti-money laundering and merchant management rules. The large fine imposed on a national bank card clearing organization shows regulators' strict posture toward the payment clearing segment.

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