UnionPay International and Public Bank have inked an agreement pursuant to which the bank will issue UnionPay debit cards in Malaysia by the fourth quarter of 2016.
With the collaboration, Public Bank will become the first local bank to issue UnionPay card in the country.
The UnionPay debit card, which will cater to Malaysian tourist and businessmen who often visit China, can be used on the UnionPay network across 160 nations and regions including China.
Additionally, the bank will introduce UnionPay card contactless payment service by the end of 2016, further accelerating the launch of UnionPay mobile QuickPass service in Southeast Asia.
UnionPay International CEO Cai Jianbo said: “Malaysia is one of the important markets in Southeast Asia. Now, 90% of the local ATMs and 60% of merchants accept UnionPay cards.
“Based on this, we will continue to accelerate the localization of UnionPay in the market: First, to enable more daily-spending merchants to meet the local residents’ demands, trying to cover 90% of merchants by the end of the next year. Second, to help more local banks issue UnionPay cards so as to bring convenient and preferential services to more local residents.
“Third, to launch UnionPay wallet and mobile payment products in Malaysia as soon as possible, taking advantage of UnionPay’s innovative products and services, and to create O2O payment scenarios.”