ArmInfo.Armenia is on the way to joining UnionPay payment system. Armenian Minister of Economy Tigran Khachatryan stated this on October 14 at a meeting with reporters.
Discussions in this direction, according to the minister, were held in September this year at a meeting of the Armenian-Chinese intergovernmental commission on trade and economic issues. The introduction of the UnionPay payment system, according to the head of the Ministry of Economy, will significantly increase the comfort of Chinese tourists when they are in Armenia, since this system is the most common in practice - the only one that tourists from the Middle Kingdom can use when they are outside the country.
Note that UnionPay is China's national payment system. Established in 2002 by the Association of Banks of China. The initiators of the creation were the State Council and the People's Bank of China. Its shareholders are more than 200 financial institutions; the largest shareholder owns up to 6% of the shares. As of August 2016, UnionPay payment cards are accepted in 157 countries of the world, they are served by more than 1 million ATMs.
According to statistics, China has become the second largest trading partner Armenia, it accounts for 10.43% of Armenia's foreign trade. Trade turnover between Armenia and China in 2018 amounted to $ 771.12 million, and in January-July 2019, it was already equal to $ 500.35 million, which is 22.6% higher than the same period last year.