UnionPay and Bank of China (Hungary) inked a deal for a dual currency UnionPay card. It is also the first RMB card that Bank of China has issued in Europe.
Previously, most of the cards issued by Chinese-funded banks in Europe are Euro cards. With the enhanced trade contacts between China and Europe as well as the internationalization of RMB, more and more European residents want to use RMB bankcards.
The UnionPay card issued this time is a RMB Forint dual currency debit card, which can be used in the UnionPay network across 160 countries and regions.
The card is designed mainly for business travelers, staff of Chinese-funded companies and exchange students whom frequently travel between China and Hungary. In the future, the two sides will issue dual currency UnionPay cards in Prague and Vienna.
The frequent personnel exchanges between China and Hungary bring strong demands for cross-border payment services. Against this background, we are taking full advantages of UnionPay RMB cards to promote the cross-border use of RMB, enlarge the RMB capital pool outside mainland China, and support RMB business of Central and Eastern Europe. Meanwhile, we are willing to reach cooperation with Bank of China in all aspects to promote the development of China’s financial products, services and brand in Europe, offering secure and convenient payment services for more customers.
Xu Luode said, BOC (Hungary) is the core of Bank of China’s business in Central and Eastern Europe. It is also the RMB Clearing Center in the region, supporting Hungary to become the center of offshore RMB in CEE. As the first commercial financial institution Bank of China has set in CEE and the RMB clearing bank in Hungary, BOC (Hungary) will continue to develop new products to be the bank with the best RMB card products and service in Hungary, so as to go on playing a key role in China-Hungary cooperation.
On the same day, UnionPay International and Bank of China also inked a MOU, reaching a consensus on the issuing and promoting UnionPay cards, as well as enhancing the brand influence of UnionPay.
Currently, UnionPay cards have been accepted in 11 of the 16 Central and Eastern European countries. Over 50% of POS terminals and about 50% of ATMs in Hungary accept UnionPay cards. In 2016, the transaction volume of UnionPay cards in CEE countries grew by more than 40%.
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