UnionPay International and Bank of China have jointly issued dual currency UnionPay debit card in Hungary.
The RMB Forint dual currency debit card is touted to be the first RMB card, which has been issued by Bank of China in Europe. Earlier, most of the cards issued by Chinese-funded banks in Europe are Euro cards.
The new card, which has been designed primarily for business travellers, staff of Chinese-funded companies and exchange students whom frequently travel between China and Hungary, will be accepted in the UnionPay network across 160 nations and regions.
Both the parties will issue dual currency UnionPay cards in Prague and Vienna in the future.
China UnionPay president Shi Wenchao said that the internationalisation of RMB has made remarkable progress in markets over the past few years. The frequent personnel exchanges between China and Hungary bring strong demands for cross-border payment services.
Wenchao further said that we are taking full advantages of UnionPay RMB cards to promote the cross-border use of RMB, enlarge the RMB capital pool outside mainland China, and support RMB business of Central and Eastern Europe.
Separately, UnionPay International and Bank of China also signed an MOU, reaching a consensus on the issuing and promoting UnionPay cards, as well as improving the brand influence of UnionPay.