China UnionPay and Japan Sumitomo Mitsui Card Co. have launched Japan's first China UnionPay platinum credit card, the companies announced Oct. 26.
The card offers exclusive benefits to cardholders, has no annual fee, and can be used in all 117 countries and regions covered by the China UnionPay network, according to Kongping Wang, a spokesperson of Shanghai-based China UnionPay Co. Ltd., China's sole card network and brand.
In addition, until the end of March, cardholders using the card in Japan will earn 10 times Sumitomo Mitsui reward points, he says.
“At present, Japan has nearly 60,000 merchants who accept China UnionPay cards,” Wang adds. “And cash withdrawals are available at more than 30% of ATMs, concentrated in the frequently visited tourism destinations.”
Sumitomo Mitsui and China UnionPay have been issuing joint card products since 2008, Wang says. It is part of China UnionPay's strategy of expanding the use of its cards overseas.
China is the second largest source of tourists to Japan after South Korea, according to the Japan National Tourism Organization. During the first nine months of this year, 765,500 Chinese tourists traveled to Japan, 30% fewer than a year earlier because of the recent earthquake.
However, some reports suggest spending by Chinese tourists in Japan is on the rebound. Chinese tourists traveling to Japan's Odaiba, a popular outlet mall, charged 76.2% more on their China UnionPay bankcards during October's National Day holidays than they did same time last year, and they used the cards more than twice often, according to China's state-owned People's Daily newspaper.
Sumitomo Mitsui Card Co. Ltd., which is based in Tokyo, is part of the Sumitomo Mitsui Financial Group. According to a March report by London-based research firm Euromonitor International Ltd., it accounts for 6% of the bankcards issued in Japan.
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