UnionPay to widen global issue of single-branded cards

China UnionPay Co Ltd, the country's largest bank card payment processor, aims to expand the international issue of its single-branded cards, to up the ante on its main cross-border transaction rival, Visa Inc.

Over the next two to three years, the Chinese company plans to significantly increase its global footprint from the current 141 countries and regions, said UnionPay President Xu Luode.

"China UnionPay always positions itself as a modest participant and we welcome collaboration. However, Visa has been acting very aggressively," he said.