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UnionPay extends French network
By Zhang Fengming |
June 1, 2010, Tuesday
|
Online Edition
Online Edition
CHINA'S UnionPay Co is expanding its overseas network while rival Visa International is planning to ban UnionPay's network for dual-currency cards overseas from August 1.
UnionPay, China's sole bank card transaction data switcher, has allied with France's Bret to extend its network in France by joining Bret's network of more than 5,000 merchants, Shanghai-based UnionPay said today.
Last week, UnionPay said that it has teamed up with Bank of Hawaii to expand its network by banking on the lender's 4,000 merchants in Hawaii.
UnionPay is quickening the pace of overseas expansion as more Chinese bank card holders tour overseas. Its biggest selling point is free currency exchange services while Visa and MasterCard require a fee of 1 percent to 2 percent of the transaction value.
Previously, China's bank card holders could only use networks by overseas companies such as Visa International and MasterCard Worldwide when traveling.
Dual-currency cards that bear the logo of UnionPay and Visa, MasterCard or JCB, were popular before UnionPay started its own overseas network expansion.
Visa was not available for comment on its ban today.
UnionPay, China's sole bank card transaction data switcher, has allied with France's Bret to extend its network in France by joining Bret's network of more than 5,000 merchants, Shanghai-based UnionPay said today.
Last week, UnionPay said that it has teamed up with Bank of Hawaii to expand its network by banking on the lender's 4,000 merchants in Hawaii.
UnionPay is quickening the pace of overseas expansion as more Chinese bank card holders tour overseas. Its biggest selling point is free currency exchange services while Visa and MasterCard require a fee of 1 percent to 2 percent of the transaction value.
Previously, China's bank card holders could only use networks by overseas companies such as Visa International and MasterCard Worldwide when traveling.
Dual-currency cards that bear the logo of UnionPay and Visa, MasterCard or JCB, were popular before UnionPay started its own overseas network expansion.
Visa was not available for comment on its ban today.
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