MILAN, Apr 9 (Class Editori) - UniCredit has signed with UnionPay International, which boasts the largest cardholder base in the world and is the preferred payment method abroad by Chinese credit card holders, a letter of intent aimed at strengthening their collaboration started in 2013.
The agreement outlines the intention of the two companies to cooperate in issuing UnionPay payment cards in Italy, to extend their collaboration with the vast network of UniCredit-controlled banks in other European countries - Bosnia and Herzegovina, Bulgaria, Croatia, Czech Republic and Serbia in particular - and to develop innovative forms of payment.
The new agreement will further expand the range of payment products which UniCredit offers to its customers. The collaboration between UnionPay and UniCredit dates back to 2013. Presently, UnionPay is accepted in Italy by all UniCredit ATMs and by the entire network of over 200 thousand POS terminals located at its customer merchants. Last year, UniCredit activated contactless payments for UnionPay cardholders on the POS terminals. This year the bank also plans to allow online merchants to accept UnionPay payments.
In 2017, UniCredit and UnionPay started their cooperation at an international level with an acquiring agreement with the Turkish subsidiary of UniCredit. In Europe, UnionPay is accepted by over 3.3 million merchants in 40 countries and regions, accounting for over 60% of merchants accepting bank cards. Furthermore, its global network extends to 174 countries and regions and covers 52 million merchants and 2.6 million ATMs throughout the world.
UnionPay International, the international branch of UnionPay China, is set to become the most common payment system in the countries involved in the Belt & Road Initiative, particularly in Asia, Europe and Africa. As for Africa, it was also announced a cooperation agreement with the national Microfinance bank, one of the main commercial banks of Tanzania. The African country will reach an acceptance rate of UnionPay cards and related payment systems up to 90% by the end of this year.
(Source:Class Editori)
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