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If the payment was successful, it would be too late to cancel it. You can only cancel pending (Steam does not have the money) payments. You can open a support ticket, but Steam is likely to tell you to contact UnionPay.
I am not quite pleased with Union Pay but that was the only option for me, given my situation. The money is neither on my bank account nor on my steam wallet. I guess it is, as it says; PENDING, which means it's still processing. However it is very very very very slow. Next time I'll just purchase with my credit card.
Message by Support Tech Chuck on Sat, May 21 2016 5:38
Hello,
If you recently made a purchase through UnionPay and it is currently pending, please note that it may take 3 - 5 days for the transaction to complete. Steam Support is unable to expedite this process.
After 5 days have passed, please respond to this ticket and include your Steam account name, the name of the product you purchased, and a screenshot of your UnionPay receipt with all of the transaction details.
I guess waiting is the only option left at this point. But 3-5 days is quite a lot. (R.I.P Dota Compendium Lvl 50.)
Anyone getting feedbacks from Union Pay/Steam, kindly respond to the thread.