I had never heard of it either. But, China Unionpay is the country's largest credit card service...and growing.
The Shanghai-based service grew to 24 countries by the end of '06.
There are nearly 470,000 overseas shops in its network and 898,000 POS machines as well as 400,000 ATMs worldwide.
That's a lot...but I still had never heard of them.
Unionpay has now authorized 25 overseas banks to issue UnionPay banking cards.
More than 624,000 people are now racking up debts they can't repay - 142,000 credit cards and 481,000 debit cards.
As more and more Chinese travel overseas transactions are growing...to 25.5 billion yuan in '06.
What's in your wallet?
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