The UnionPay clearing account is an account that UnionPay uses to clear money. The presence of this in your account means that UnionPay has your account to clear money (commonly known as transfers, transfers, etc.). If there is too much money in the card, you Check whether you have transferred money or made purchases through some third parties (refunds after consumption, etc.). This situation will occur.
UnionPay clearing methods
UnionPay’s clearing includes inter-bank clearing and acquiring clearing. Among them, inter-bank settlement is for the acquirer and the card issuer. Acquiring clearing is the clearing for merchants and acquiring professional service institutions on behalf of acquiring institutions.
Parts of UnionPay clearing
UnionPay’s payment and clearing includes two important links: points and fund transfer. _Min refers to calculating the transaction principal and transaction fees (handling fees, profit sharing, etc.) on a transaction-by-transaction basis for successful transactions recorded in the transaction log, and then summarizing and netting the differences according to the clearing objects to form the amount receivable or payable.
To put it simply, it is to figure out how much money should be asked from whom? How much money should be given to whom? Fund transfer refers to completing the transfer of funds receivable and payable through specific channels and methods. To put it simply, it means clarifying the channels through which receivables are collected and payables are paid. The clearing is completed within the UnionPay clearing system.
The fund transfer is completed by UnionPay through the central bank's large and small payment clearing system or the intra-city bill exchange system.
Bank cards refer to credit payment instruments issued to the public by approved commercial banks (including postal financial institutions) with all or part of the functions of consumer credit, transfer settlement, cash deposits and withdrawals, etc. Bank cards reduce the circulation of cash and checks, allowing banking business to break through the limitations of time and space and undergo fundamental changes. The application of the bank card automatic settlement system has made the dream of a "checkless, cashless society" a reality.
From August 1, 2017, the annual bank card management fee will be cancelled, and some basic financial service charges of commercial banks will be suspended.
On April 22, 2019, China UnionPay released the "China Bank Card Industry Development Report (2019)".
Credit cards are divided into credit cards and quasi-credit cards. A credit card refers to a credit card in which the card-issuing bank gives the cardholder a certain credit limit, and the cardholder can consume within the credit limit first and repay later. A quasi-credit card refers to a credit card in which the cardholder first deposits a certain amount of reserve fund as required by the bank. When the reserve fund is insufficient to pay, the cardholder can overdraw within the credit limit specified by the card-issuing bank. The process for applying for a credit card and a debit card is different. When applying for a credit card, you need to bring your valid documents (ID card or copy of ID card), proof of residence, proof of unit income or proof of personal assets and other materials to the bank counter to go through the relevant procedures. You need to fill in the application form, and the information must be true. After filling out the application form, it must be filed with the head office of the account opening bank. After the head office of the account opening bank reviews the application materials, it will take approximately 20 working days before the card can be issued to the customer. Applying for a debit card is relatively simple. You only need to bring your valid documents, mainly your ID card, and fill out the application form at the account opening bank. The card will be issued to the applicant at that time.