The third largest bank in Georgia, Liberty Bank, and China’s UnionPay announced in Tbilisi that all ATMs and POS terminals of Liberty Bank would formally start the acceptance of UnionPay chip cards.
This marked the first time for UnionPay chip cards to be accepted in Georgia. In the future, the two sides will further cooperation in contactless card issuance and acceptance.
In 2012, Liberty Bank enabled all of its ATMs and merchants to accept UnionPay cards. This time the two sides cooperate to enable UnionPay chip cards acceptance at all of these terminals.
The card-using security has been improved via technology upgrade, which is in conformity with the new payment tendency and the increasing demand of chip card use. Liberty Bank was the first institution to issue UnionPay cards locally. Since last year 200,000 UnionPay debit cards have already been issued. It is expected that the number of cards issued by the end of this year will reach 300,000 accumulatively. Subsequently, the two sides will carry out cooperation in more fields such as online business and contactless payment.
Georgia is known as the “Crossroads of Europe and Asia” and is an important country along the Silk Road. At present, China has become its third largest trading partner. This March, China and Georgia signed a cooperation document “Silk Road Economic Belt”. Against this background, UnionPay International is accelerating the improvement of UnionPay card acceptance environment in Georgia.
It is expected that the acceptance coverage of UnionPay cards locally will reach 50% or higher by the end of 2016. In the meantime, UnionPay International and mainstream institutions cooperate to promote the progress of large-scale card issuance locally and to offer a more convenient and secure payment choice to local residents who travel between China, Central Asia, Caucasus and other regions.
At present, the ATMs and merchants accepting UnionPay cards have covered transportation hubs and living places such as airports, railway stations, hotels, and supermarkets in Georgia. As the global bank card industry is upgraded and the chip card issuing scale is expanded, UnionPay International is pushing forward the chip card migration of overseas acceptance network and promoting chip cards featuring multiple security assurance and high resistance to replication so as to improve card use security in an all-round way. Currently, over 1.2 billion UnionPay chip cards have been issued worldwide accumulatively.
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