6 adopt Union Pay standard
UNIONPAY International Co, a subsidiary of China UnionPay, on Wednesday signed a chip card standard licensing cooperation agreement with six institutions of Asian Payment Network, signalling a breakthrough in the globalisation of China’s financial technol
The major switch networks in Singapore, Thailand, South Korea, Malaysia, Indonesia and the Philippines will adopt the UnionPay standard in card acceptance and issuance.
This will help promote the payment industries in these markets to upgrade from magnetic stripe cards to chip cards.
It also paves the way for the rollout of UnionPay’s contactless, mobile and wallet payment products in these markets.
Fan Yifei, vice president of the People’s Bank of China, said China’s payment industry is expanding and growing rapidly.
It is playing an increasingly significant role in promoting e-commerce, enhancing financial inclusion, meeting consumers’ diverse demands and fuelling economic growth.
“APN members’ adoption of the UnionPay chip card standard means that the bank card services provider’s technology has been recognised by the international market.
“The cooperation also helps promote the upgrading of the digital payment industry in these countries and regions.”
UnionPay and other institutions should maintain good contacts with these markets and offer excellent services to ensure the successful landing of these projects, he said.
UnionPay’s acceptance network operates in 160 countries and regions, with 40 having issued its cards.