China’s UnionPay has inked a cooperation agreement with Swedbank to enable the merchants in several Nordic countries and the three Baltic states to accept UnionPay cards in two years, substantially expanding UnionPay’s acceptance scope in the region.
Now, about two million merchants in Europe accept UnionPay cards, which satisfies tourists’ payments needs. Since this year, countries in the North Eastern Europe and Southern Europe are gaining popularity among tourists, and become competitive rivals to traditional European tourist destinations. Against this background, UnionPay International is enhancing its cooperation with mainstream institutions in expanding its acceptance footprint in emerging tourist destinations.
Swedbank has presence in several Nordic and Baltic countries, and holds a market share of 60% in Sweden. With this cooperation, the two sides will: first, enable a large number of merchants in Sweden to accept UnionPay cards; second, enable Swedbank’s merchants in Finland, Denmark, Latvia, Estonia and Lithuania to accept UnionPay. This will be UnionPay’s debut in the latter three Baltic countries.
UnionPay has presence in 38 European countries and regions while its acceptance footprint has extended from major cities to surrounding regions. Second, more types of merchants are accepting UnionPay, including duty free shops, department stores, daily spending places and cultural and entertainment establishments. This all-round cooperation with Swedbank will keep improve UnionPay cardholders’ payment experiences in Europe, and we will look for more opportunities for future cooperation with the local institutions in online payment and mobile payment.
UnionPay’s acceptance network in Northern Europe is optimizing. In Sweden, merchants accepting UnionPay are mainly stores and duty free shops frequented by tourists, and the local ATMs will support UnionPay cards for cash withdrawal soon. In addition, UnionPay cards are accepted at about 90% of merchants in Denmark as well as an increasing number of merchants in Finland and other countries.
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