UnionPay crackdown has minimal impact amidst illegal use

The seizure of UnionPay point of sale terminals (POS) from pawn shops in Macau earlier this month triggered a slide in operator shares on fears of tighter capital controls, though the continued use of illegal devices means there has been little impact on revenue. Two state-owned mainland banks, Industrial and Commercial Bank of China (ICBC) and Bank of China (BOC), confiscated UnionPay terminals from locations that have seen unusually large volumes of business, said investment bank UBS. "That included terminals in shops located inside casino properties, but also at some shops straddling casinos on the peninsula," said Ben Lee . . . This content is restricted to subscribers

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