China UnionPay Cards Surge in S. Korea

A logo of UnionPay is pictured on its headquarters building in Shanghai, China,?May, 6,?2014. [Photo / IC]

UnionPay says it has issued over 10 million cards in South Korea through local bank card institutions.

Transaction volumes using UnionPay cards in South Korea have surged to 60 percent in the third quarter of this year.

UnionPay says the increasing purchase power of Chinese tourists, on top of the growing number of South Korean merchants accepting UnionPay, is the main reason for the surge.

Chinese shoppers' growing preference toward using cards, rather than cash, is also being cited as another reason for the growth.