Limassol, Cyprus, February 22, 2017 --(PR.com
)-- China Union Pay was established in 2002, the company has grown exponentially in under fifteen years. It's a little known fact that China Union Pay ranks third as a payment service provider, in terms of annual transaction value processed, behind MasterCard and Visa. Due to its backing from the Chinese government CUP became the preferred payment service provider for the four main Chinese domestic banks.
China Union Pay rapidly became the preferred and accepted domestic payment method for Chinese residents to access international transactional markets. China Union Pay has become central to and a pivotal part of China’s bankcard industry. They've also played an essential role in the overall development of the card industry in China.
China Union Pay operates an interbank transaction settlement system, through which the connection and switch between banking systems and the: interbank, cross-region and cross-border use of bankcards issued by associate banks, can be efficiently processed.
FXCC are always striving to deliver improvements in all aspects of their client focused business. As such they continually monitor the finance industry for new account payment methods, to enable clients to easily fund their accounts, or to open new accounts, in order to trade forex through the cutting edge MetaTrader platforms.
At FXCC they’re constantly looking to extend their global appeal to allow new and experienced traders, from as many new markets as possible, to access their service. Offering new payment services and funding methods, is an essential requisite as they open up their FX trading experience and ECN FX trading method to a wider audience.
Saed Shalabi, FXCC director said, "Based on payment transactions and the number of cards issued, China Union Pay is the largest card payment organisation (debit & credit cards combined) globally. We're therefore delighted to have established a relationship with the company.
"UnionPay is also China's first pre-authorisation service for secured transactions. The system allows payment for online transactions through any merchant that accepts UnionPay. During 2014, the total amount of cross bank transactions of CUP cards exceeded 41.1 trillion yuan.
"At FXCC we pride ourselves on being a truly global, multi language broker, who easily communicates with and understands the requirements of traders worldwide. It's my belief that the Chinese forex market offers exponential growth opportunities for ambitious forex brokers.
"China is the second largest global economy, and it's predicted to overtake the USA as the number one economy by 2025. The growth in forex trading will match China's exponential growth in all other areas of their economy, as Chinese residents become familiar with the investment opportunities FX trading offers.
"The acceptance of the Yuan (the renminbi) throughout global markets and the encouragement of trading of the yuan through, for example, London (the globe's major trading forex venue), ensures that transactions in the Chinese currency are becoming far more common place.
"We need to stay aware of new developments, opportunities and stay ahead of the curve to ensure we're in a position to benefit from any increased Asian business, particularly from China. In forging this relationship with China Union Pay we believe we're positioning ourselves in anticipation of a potential surge in future FX trading from China."