China UnionPay is speeding up the development of its overseas network, especially when more Chinese are going abroad. Recently there is a report about Visa banning the use of dual-currency cards that sports a Visa logo on UnionPay network overseas from August 1 ostensibly for data safety issues, which has been reported widely by Chinese media, and attract much attention here in China.

According to the report, VISA send a announcement to its member banks around the world, and said that if any bankcard services go into liquidation through China Unionpay network, they will get a fine of 50,000 dollars.

Visa Inc.,American Express Co. And MasterCard Inc. Have talked with U.S. Trade officials about taking action against China for shutting the companies out of its 723 dollars billion payment-processing market in March.