UnionPay International is accelerating the process of chip migration of its acceptance network in Taiwan, with HSBC Taiwan, is enabling all of its ATMs to accept UnionPay chip cards. The UnionPay card business in Taiwan started in 2009 and now 98% of the local ATMs are now able to accept UnionPay cards.
Almost all ATMs and over 70% of merchants locally have accepted UnionPay cards. In addition, a batch of well-known online merchants in Taiwan have opened the online payment service of UnionPay cards, covering industries of transportation, tourism, online games, education, and brand clothing. Moreover, the Taiwan market also provides such services as local UnionPay service hotline and UnionPay card emergency cash support, unremittingly improving the card using service system, and thereby satisfying the payment demands of visitors and students to Taiwan as well as Taiwan businessmen and their relatives. Due to all these efforts, the transaction volume of UnionPay cards in the first 8 months of this year in Taiwan witnessed a year-on-year growth of 30%.
With the upgrading of global bankcard industry and the expansion of chip cards issuance, UnionPay International is accelerating chip migration of UnionPay acceptance network overseas unremittingly, in order to improve its services for UnionPay cardholders. In Taiwan, apart from HSBC Taiwan, which has completed chip transformation of its ATM terminals rapidly, China Trust Bank, Taishin Bank, Cathay United Bank and other institutions have also initiated this work in succession. Simultaneously, UnionPay International also cooperates with principal institutions in Taiwan such as National Credit Card Center and Taiwan Cooperative Bank to realize chip modification of POS terminals in major local duty-free shops, shopping centers, hotels, restaurants, supermarkets and convenience stores. It is expected that 80% of the Taiwan merchants accepting UnionPay cards will accept UnionPay chip cards by the end of this year.
UnionPay chip cards refer to the financial IC cards in conformity with the international EMV standards, characterized with multiple safety control, higher difficulty of duplication and resistance to risks as record, counterfeited cards and unauthorized charges. At present, more than 1.2 billion UnionPay chip cards have been issued worldwide accumulatively, and the chip-based modification of UnionPay acceptance network overseas is advanced comprehensively. In August 2015, UnionPay became the rotating chairman of EMVCo. Currently, it joins hands with many parties in the bank card industry globally to promote the global standardization of chip cards and payment technologies, and accelerate the issuing and usage of UnionPay chip cards on a global scale.
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