Analysis On Internationalization Strategy Of Chinaunionpay

The electronic payment with bankcard as the representative is asuccessful example to apply information technology in financial field. Thebankcard keeps popular among the consumers, the bankcard paymentmethod develops rapidly and tends to gradually replace cash, etc. to becomethe main payment method of the consumers. ChinaUnionpay Co., Ltd. hasbeen committed to the service of switching bankcard inter-bank trade sincethe establishment in2002. The company began to actively develop overseasmarket when served domestic market in the end of2003, and has beenextended to more than50countries and regions till2009.The bankcard industry has a typical characteristic of “two-sidedmarket”. This article starts from the theory of “two-sided market”, andcomes to the conclusion that the bankcard industry is a sunrise industry withwide market prospect through PIE model analysis, market capacity analysis, life cycle analysis; comes to the conclusion that Overseas prolongation ofChina Union shall be carried out selectively in order through analysis onHong Kong and Macao markets, Asia-Pacific market, European andAmerican markets and other markets; comes to the conclusion thatChinaUnionpay shall take the road of giving consideration to both networkconstruction and brand construction in the internationalization throughanalysis on the opponents; comes to the conclusion that the brandconstruction and network construction of ChinaUnionpay shall focus on thecardholder, card issuing institution, card acquiring institution and merchantacceptance through the analysis on market participant.On the basis of analyzing the profit mode of bankcard industry, thisarticle analyzes the financial condition, management level, technical force,market network, brand reputation, talent, cost and other internal factors ofChinaUnionpay, and comes to a conclusion that the financial condition ofChinaUnionpay is relatively good, the management structure andmanagement level are improved, the technical force can meet theinternationalization requirement, the market network is to be furtherconstructed, the brand reputation is to be improved, the internationalizationtalent shall be cultivated, and the authorized use and switching cost is a bigadvantage of internationalization. According to the internal and external environment analysis ofChinaUnionpay, this article puts forward that ChinaUnionpay shall focus oncard acquiring market, card issuing market, ATM network and theinternationalization strategic plan of “all-round coverage, lineardevelopment”.After making the internationalization strategy of ChinaUnionpay, thisarticle aims at four sub-strategies including brand strategy, marketingstrategy, talent strategy and service strategy to analyze the implementationstrategy of internationalization strategy of ChinaUnionpay, and puts forwardthe opinion of giving consideration to both card issuing and acceptance, themeasure for market segment according to the characteristics of target market,implementation of differential marketing, adopting the service measure tocreate brand strategy, making stage objective and stick to the “three-step”strategy. At last, the article puts forward some issues that ChinaUnionpayshall focus on in the internationalization and proposes the relevant solutions.