business - Shenzhen retailers hit back at UnionPay

The largest retailers in Shenzhen have started to boycot the services of China UnionPay in protest against its one percent service charge. China UnionPay was an effort to consolidated the heavily divided card payments in China, creating a nationwide card payment system. International credit card companies looked at the initiative as a way to modernize China's card system, but now the retailers are hitting back.
According to the Standard, the conflict is currently expanding from Shenzhen to other parts of the country. Retailers are - unlike in other countries - a for to reckon with.
The 46 Shenzhen retailers that started the conflict represent the majority of the turnover in this city. Their spokesman says they only want the current level of charges, one percent of each transaction, to go down to the level of Guangzhou, where the charge is 0.5 percent.