UnionPay International announced its cooperation with Bangkok Bank in issuing the first local UnionPay-TPN card. This is also Thailand’s the first domestic brand debit card.
This February, Thailand’s local switching system Thai Payment Network (TPN), which was joint-ventured and constructed by UnionPay International and 4 local mainstream banks (including Bangkok Bank) in accordance with UnionPay’s technical standard, officially went live. It shows that the cooperation between UnionPay and Thailand banking sector has developed from traditional cooperation to cooperation in technical standards.
Based on the switching system, Thailand created its own debit card brand TPN. Thereafter, UnionPay International deepened cooperation with Bangkok Bank in issuing UnionPay-TPN card in Thailand.
Bangkok Bank is the largest commercial bank in Thailand.
The issuance of UnionPay-TPN card is of great significance: First, it marks a significant breakthrough in UnionPay’s localization in Southeast Asia. This breakthrough is achieved by a new business expanding model, namely, participation in the construction of Thai financial infrastructure. Second, it is the first time that Thailand has issued its domestic brand bankcard.
It will provide the market with a new payment option that supports the upgrade of the local payment industry. Third, it serves as a model for other local mainstream institutions to enable UnionPay card acceptance and large-scale issuance, promotes the local residents to know and use UnionPay cards, and offer bidirectional support to the personnel exchanges between Thailand and China.
The UnionPay-TPN card is an international payment card which can be used in UnionPay’s global acceptance network across 157 countries and regions. Transactions occurred in Thailand will be processed via TPN and those occurred outside Thailand will be processed via UnionPay. Meanwhile, the card integrates the resources of UnionPay International and Bangkok Bank, providing exclusive offers and services in the fields of travel, sightseeing, hotel, insurance, and shopping.
Currently, UnionPay cards are accepted at almost all the ATMs and nearly 70% of merchants in Thailand, including large department stores, duty free shops at airports and downtowns, 7-11 convenience stores, chain supermarkets, restaurants and hotels, and tourist destinations.
In Southeast Asia, UnionPay cards have been accepted and issued in all the 10 ASEAN countries. More and more residents in Thailand, Singapore and Malaysia frequently use UnionPay cards for their daily spending and international traveling.
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