Tag Archives: foreign-card

Citibank & China UnionPay Establish Reciprocity

Citibank yesterday formally inked a deal with China UnionPay, becoming the first global alliance between China’s national bankcard association and an international bank. The alliance will expand the ATM acceptance for cardholders of China UnionPay and Citibank. Chinese holders of CUP cards will now have the convenience of being able to withdraw foreign currency from Citibank ATMs located in more than 50 countries, without needing a dual currency card. Citibank’s international cardholders will in turn have the convenience of access to approximately 8,000 foreign-enabled CUP ATMs when traveling in China. Citibank was the first bank to deploy foreign-card enabled ATMs in China, which it has been doing for more than a decade. Citibank was also the first foreign bank to enter the retail banking business in China in the post-WTO era. In May, China UnionPay sealed a deal with Discover Financial Services to facilitate acceptance of CUP cards in the USA via its “PULSE” network. In return, Discover cards will be accepted in China. There are more than 800 million CUP cards issued in China. (CF Library 5/26/05)