UnionPay reports expanding use in US and South Korea

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Shanghai: UnionPay International released a list of 40 core business and retail districts favoured by Chinese consumers, showing that South Korea and the United States are among the fastest-growing markets for outbound travellers. The global bank-card company, a subsidiary of UnionPay Co Ltd, whose activities include cross-border transactions, said it has monitored Chinese consumers’ preferences based on worldwide data.

The payment services provider said travel destinations of Chinese consumers have been expanded from the traditionally popular Southeast and East Asia to a much wider area that includes North Asia, North America and the Middle East.

Chinese consumers also are willing to spend more on fine dining and hotels, according to the UnionPay International report. Among the 40 shopping districts on the UnionPay list, six are in South Korea and seven in the US.