Money

UnionPay to build up network overseas

(Xinhua)
Updated: 2010-06-02 11:17

China UnionPay Vice President Cai Jianbo (R) uses a UnionPay card at a Selfridges department store on Oxford Street in London, June 1. [Xinhua]

BEIJING: China UnionPay Co is expanding its overseas network rapidly to tap the rising number of Chinese traveling overseas.

Meanwhile, Visa banning the use of dual-currency cards that sports a Visa logo on UnionPay network overseas from August 1 ostensibly for data safety issues. Visa was not available for comment Tuesday.

UnionPay, China's sole bank card transaction firm, has allied with France's Bred network of more than 5,000 merchants as it seeks to deepen its footprint in that country, the Shanghai-based company said Teusday.

Related readings:  UnionPay expands to 5 more Asian countries   China UnionPay launches ATM service in South Africa  China UnionPay expands mobile program  China UnionPay's major business expands in Maldives

Last week, UnionPay said that it has teamed up with Bank of Hawaii to bank on the lender's network of 4,000 merchants on the island.

UnionPay is speeding up the development of its overseas network, especially when more Chinese are going abroad. UnionPay's biggest selling point is that it does not charge for currency exchange services. Visa and MasterCard Worldwide charge a 1.5 percent fee for converting overseas currencies into United States dollars when cards holders purchase or make payments abroad.

Dual-currency cards, which sport the logos of UnionPay and Visa or MasterCard or JCB, were quite popular before UnionPay started to expand its own network overseas in 2004.