Russia’s Gazprombank has accelerated its partnership with China UnionPay. At the end of the first quarter 2016 Gazprombank is expected to issue a total of 300,000 UnionPay cards.
As the third largest bank in Russia, Gazprombank has enabled its 35,000 POS terminals and 5,100 ATMs all over Russia to accept UnionPay cards. Gazprombank started UnionPay card issuance last October and has already issued over 100,000 UnionPay chip cards in total. According to the agreement signed by the two sides today, in the following nine months, Gazprombank will issue almost 200 thousand more UnionPay cards and greatly accelerate issuance to better meet the card-using needs of local residents.
To support Gazprombank’s large scale UnionPay card issuance, UnionPay International has assisted the bank to establish the RMB clearing channel. In this way, UnionPay cards issued by Gazprombank are settled in Ruble locally and in RMB beyond Russia, which meets banks’ need for diversified clearing and settlement service. As the UnionPay card products and services are increasingly enriched, Gazprombank is encouraged to expand UnionPay card issuance. Going forward, the two sides will discuss further cooperation in such fields as UnionPay platinum cards, commercial cards and small-amount trade cards.
Russia is the largest market concerning China’s “One Belt, One Road” strategy. At present, UnionPay International has established business partnership with more than 20 mainstream institutions locally. As a result, 200,000 merchants and over 30,000 ATMs now accept UnionPay cards, covering large shopping malls, supermarkets, restaurants and duty-free stores.
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