VISA, MasterCard and ChinaUnionPay have established credit card consumption alliances around the world. After cooperating with them, domestic banks can swipe credit cards issued by domestic banks within their alliances, and in some countries and regions, they can even use UnionPay cards to spend directly.
Extended data
1. First of all, geographically, UnionPay is a card organization in China, and VISA and MasterCard are card organizations in the United States.
2. From the point of charge of credit card, the overseas credit card of UnionPay card is free, while VISA and MasterCard need "international credit card foreign exchange fee" when designing the settlement between multiple currencies.
In terms of withdrawal fee, the overseas withdrawal price of UnionPay cards is lower, which is also a 1% fee. Bian Xiao would like to remind you that when you are in consumption abroad, if you go to a non-US dollar area, you can try to use local currency for settlement, and then exchange RMB for local currency for repayment after returning home. If the settlement is made in US dollars, you need to charge a dual currency exchange fee for converting local goods into US dollars and RMB into US dollars.
3. As far as the scope of use is concerned, UnionPay cards are of course the first choice if you only spend your life in China, but if you go abroad for business or travel frequently, you still need to apply for VISA or MasterCard.
Baidu encyclopedia-MasterCard