Bangladeshi lender Mutual Trust Bank (MTB), in collaboration with payments software provider Compass Plus, has introduced UnionPay International (UPI) cards in the country.
The Bangladeshi lender, which is a principal member of the UnionPay payment network, is fully certified to issue and accept UPI cards.
Compass Plus supported MTB in the issuing and acquiring certification process by offering onsite support through ITCL, its distributor in Bangladesh.
Last month, the two parties signed an agreement to launch QR code payment, e-wallet and digital card services in Bangladesh .
As per the agreement, the bank is planning to issue contactless debit and credit cards. It will also provide UnionPay Money Express P2P and various other online services.
MTB executive vice-president and head of cards Mohammad Anwar Hossain said: “Trade between Bangladesh and China is increasing rapidly, with a great number of people travelling to and from China.
“The introduction of UnionPay payment solutions will let the bank serve this group of customers more efficiently.”
The bank will accept UnionPay cards, issued globally, across its ATM and POS terminal networks.
In August 2016, MTB partnered with Compass Plus to shift its in-house processing centre to the latter’s TranzWare multi-card processing software.
TranzWare allows electronic funds transfer, inter-network switching and the handling of multiple devices and delivery channels.
Compass Plus along with ITCL supported MTB through certifications for EMV card issuance, and transferred the bank’s 200,000 card base to the new platform.