UnionPay to aid businesses affected by pandemic

Chinese banking card payment giant China UnionPay announced on Tuesday that it will launch a series of preferential financial policies to facilitate businesses affected by the coronavirus pandemic.

For small and micro businesses that have been impacted by the epidemic, the banking card association said it will subsidize a certain percentage of their transaction amount together with its commercial bank members and other payment service providers.

Partnering with the Department of Commerce in Hubei Province, China UnionPay will offer exclusive financial services such as fee waivers and credit support to local key enterprises in industries like trade circulation, production of daily necessities, transportation and logistics.

Also, UnionPay plans to carry out special marketing activities for merchants in industries like automobiles, agriculture wholesale and tourism in Hubei Province and other regions.

Incentives will be implemented for large-value credit card transactions of relevant merchants to reduce their operating costs and promote consumption via credit cards.