Russian Agricultural Bank increases UnionPay card issuance nearly 4-fold in 2024 to 400,000 units

MOSCOW. March 25 (Interfax) - Russian Agricultural Bank increased its issuance of UnionPay payment system cards to 400,000 units in 2024, nearly four times more than a year earlier, the bank said.

"The primary tool in this area [ensuring international settlements for individuals] remains the UnionPay card, which is in high demand among Russians. Russian Agricultural Bank is the absolute leader in UnionPay issuance with a 96% market share," Russian Agricultural Bank Board Chairman Boris Listov was quoted as saying by the bank's press service.

The total volume of cross-border payments facilitated by the bank last year exceeded 65 billion yuan, nearly four times higher than the 2023 figure.

UnionPay is one of the largest payment systems in China. UnionPay cards allow users to pay for goods and services and withdraw cash in over 150 countries worldwide, according to the payment system's website.

Previously, more than 10 credit institutions issued UnionPay cards. After most of them came under U.S. sanctions, only two banks continue issuing these cards - Russian Agricultural Bank and Asia-Pacific Bank.