UnionPay International has entered into four new collaboration agreements to expand the issuance of its cards and use of UnionPay QR code payment service in Eurasia regions.
Under one of the agreements, Basisbank will issue UnionPay Diamond cards and roll out UnionPay QR code service in Georgia.
UnionPay expansion plans
The deal with ATF Bank will see issuance of 200,000 UnionPay cards over the next three years in Kazakhstan. The bank will also launch the QR code payment and develop local e-wallet product using the UnionPay technical standards.
Furthermore, as part of the third UnionPay expansion, Bank Ipak Yuli will issue 500,000 UnionPay-UZ co-brand cards in three years.
Meanwhile, the fourth alliance with Rosselkhozbank will involve joint marketing promotion for UnionPay cards in Russia.
UnionPay International CEO Cai Jianbo said: “UnionPay’s acceptance in Eurasia constantly expanding, UnionPay’s ability to serve the payment demands brought by personnel exchanges between China and the region continues to enhance.
“Based on its acceptance network, UnionPay is speeding up the local issuance of UnionPay cards and the rollout of UnionPay innovative products, enhancing the payment experience of local customers and supporting the upgrading of the payment industry in the region.”
UnionPay expansion strategy will initially drive partnership in network building. Also, standards cooperation aimed at improving payment service ability is a priority.
Later, the company will promote cross-border alliance on acceptance, issuance and mobile payment. This will be followed by cooperation in clearing, data analysis and risk management services.