China UnionPay has signed an acceptance agreement with US-based Citibank that will see UnionPay cards being accepted in seven other Asian nations, a spokesperson for China’s bankcard association confirms PaymentsSource.
Under the agreement, Citibank will allow UnionPay card acceptance at its merchants in Singapore, Malaysia, Thailand, Indonesia, the Philippines, Myanmar and India, according to a March 11 news release.
In addition, Citibank will open its online banking service to UnionPay cardholders, the agreement entails.
Both companies first collaborated in 2005 when they agreed for UnionPay cards to be accepted at Citibank’s ATM network around the world. That agreement also allowed Citibank’s cardholders from other countries to use their cards at enabled UnionPay ATMs when in China.
Citibank currently accepts UnionPay cards at ATMs and a limited number of merchants in 34 countries in the world.
PaymentsSource was unable to contact both parties before deadline for comments on the partnership.
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