UnionPay eyes 'unbanked' in rural SEA

UNIONPAY International wants to bring its expertise in reaching the "unbanked" in the rural areas of China to parts of South-east Asia - and this would extend its clear presence in the three poorest countries in this region.

This comes as the world's largest card issuer has been urging the Chinese to stop paying with cash since it was started just 13 years ago.

"We democratised cashless payments and brought an array of options to the masses within 10 years," Yang Wenhui, general manager, UnionPay International Southeast Asia, told The Business Times in a recent interview.

Today, cashless spending in China through cards is about 48 per cent, up from a mere 2.7 per cent in 2001.

"We believe this experience can be applied holistically to the developing markets in South-east Asia, keen to transform and bring their payments infrastructure to the next level of maturi…