UnionPay's Taking Over Global Debit Card Marketshare

UnionPay, China's payment system, overtook Visa in global debit card market share in 2022, marking a significant shift from a decade ago when Visa held nearly 80% of the market. This change is attributed to the rapid economic growth in the Asia-Pacific region, UnionPay's expansion in Russia, and the contrasting economic performances of the US and China.

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