Russia’s Rosselkhozbank has inked a deal with UnionPay International to enable acceptance by all its 3,300 ATMs and 4,000 POS terminals within the year and start mass issuance of UnionPay cards since 2016.
Rosselkhozbank is the fifth largest state-owned bank in Russia in terms of assets. It has a widespread network across Russia and its card-issuing businesses cover the cities and rural areas in Russia. UnionPay International signed an agreement for acquiring with the bank early this year and after that the two sides started preparation for UnionPay card acceptance by the bank’s ATMs and POS terminals. The two sides also agreed that Rosselkhozbank will issue a total of 500,000 UnionPay debit and credit cards locally within the next three years.
Russia’s UnionPay card business first started in 2006. To keep up with the trend of the increasingly intimate exchanges and cooperation between China and Russia, UnionPay International has stepped up efforts since last year to cooperate with local institutions to accelerate the development of UnionPay card services in Russia and better support the bilateral exchanges between the two countries. UnionPay International signed multiple agreements with major Russian commercial banks last year, especially in card issuance. Breakthroughs are expected in local card issuance to lay a solid foundation for the localized development of UnionPay card services.
Currently in Russia, UnionPay cards are accepted by over 200,000 merchants and over 30,000 ATMs, which are located in major malls, supermarkets, restaurants, duty free shops and other consumer places. A series of UnionPay cards have been issued in Russia and are frequently used in dozens of countries and regions including Russia and China, especially in Chinese border trade areas such as Northeast China and Xinjiang as well as big cities including Beijing and Shanghai. In addition, UnionPay International also provides RMB settlement services in Russia and payments with UnionPay cards issued in Russia could be settled in rouble in Russia and in RMB outside Russia, helping increase the use of RMB overseas while better meeting the settlement service demand of issuers.
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