UnionPay International: Non-current project insurance is strictly prohibited to use UnionPay card payment

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UnionPay official website screenshot

Abstract: Only mainland customers are allowed to use UnionPay card payment for current account insurance. It is strictly forbidden to use UnionPay card payment for other insurance items.
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Recently, we have found through the merchant transaction monitoring that some overseas insurance merchants have a large number of single-card single-merger transactions. In order to further standardize overseas insurance merchants to accept domestic UnionPay cards, we recently issued the "Guidelines for the Acceptance of Domestic UnionPay Cards by Overseas Insurance Merchants" (hereinafter referred to as "Guidelines"), reaffirming relevant regulatory requirements and business rules, and ensuring domestic UnionPay Cards are used outside the country for compliance.
The "Guidelines" are currently being piloted in Hong Kong and are applicable to overseas insurance merchants accepting domestic UnionPay cards in all channels such as POS terminals, Internet and mobile payment. The main contents include: First, domestic residents purchase overseas project-related insurance related to accidents, diseases and other tourism expenses, which can be paid by UnionPay card; other insurance items are strictly prohibited to use UnionPay card payment. The second is to strictly implement the foreign exchange policy provisions of overseas insurance merchants single transaction does not exceed 5,000 US dollars or other equivalent foreign currency consumption limit. The third is to strengthen the management requirements of overseas merchants for insurance merchants, including: accurately setting merchant category codes, strengthening merchant training and abnormal transaction monitoring, and strengthening merchant inspections.
We will continue to provide UnionPay card payment services for overseas insurance merchants within the framework of regulatory policies.

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