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UnionPay gains 8 new markets in Societe Generale deal
By Winny Wang |
March 25, 2011, Friday
|
Online Edition
Online Edition
China UnionPay Co gained access to eight new overseas markets by accepting Societe Generale (China) Ltd as a new member today, extending its service to 112 countries and regions.
China's sole bank card transaction switcher also announced to upgrade its online payment platform to facilitate consumer access to its 2-million-plus retail partners.
French bank Societe Generale (China) Ltd today signed an agreement with UnionPay to obtain its membership to issue China UnionPay standard yuan debit cards in the second quarter of this year.
The deal will allow the debit cardholders to use automated teller machines and points of sale in 14 markets of Societe Generale at the first stage, with 12 of them in Africa. Eight are new to UnionPay.
The deal came as UnionPay bids to penetrate deeper into overseas markets besides expanding its own network to fight off rivals such as Visa Inc and MasterCard Worldwide.
"The cooperation is a breakthrough for UnionPay's business in Africa, and we also look forward to enhancing presence in the Middle East and Mediterranean," said Xu Luode, president of UnionPay.
He added that the company is making efforts to build "online UnionPay," such as establishing its own online payment page, to offer a safer and more convenient shopping experience for cardholders.
"We will also encourage more retail partners to sell online to meet the booming demand of E-commerce business," Xu said.
UnionPay has more than 2.2 million retail partners on the Chinese mainland and its cards issued both at home and abroad have exceeded 2.4 billion.
China's sole bank card transaction switcher also announced to upgrade its online payment platform to facilitate consumer access to its 2-million-plus retail partners.
French bank Societe Generale (China) Ltd today signed an agreement with UnionPay to obtain its membership to issue China UnionPay standard yuan debit cards in the second quarter of this year.
The deal will allow the debit cardholders to use automated teller machines and points of sale in 14 markets of Societe Generale at the first stage, with 12 of them in Africa. Eight are new to UnionPay.
The deal came as UnionPay bids to penetrate deeper into overseas markets besides expanding its own network to fight off rivals such as Visa Inc and MasterCard Worldwide.
"The cooperation is a breakthrough for UnionPay's business in Africa, and we also look forward to enhancing presence in the Middle East and Mediterranean," said Xu Luode, president of UnionPay.
He added that the company is making efforts to build "online UnionPay," such as establishing its own online payment page, to offer a safer and more convenient shopping experience for cardholders.
"We will also encourage more retail partners to sell online to meet the booming demand of E-commerce business," Xu said.
UnionPay has more than 2.2 million retail partners on the Chinese mainland and its cards issued both at home and abroad have exceeded 2.4 billion.
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