China UnionPay has signed a memorandum of understanding in which Korean card issuer Lotte Card Co. Ltd. will issue UnionPay-branded bankcards in South Korea, the companies announced Oct. 11
The UnionPay cards would be usable in both China and South Korea, and they would be particularly useful to Korean travelers to China, Kongping Wang, a Shanghai-based spokesperson for China UnionPay, tells PaymentsSource.
The card’s likelihood for success could come from the increasing trade and tourism relations between the two countries, Wang adds.
China UnionPay also has partnered with Korean issuer BC Card Co. Ltd. in a similar card-issuing deal.
More than 35,000 ATMs in Korea support cash withdrawals initiated with UnionPay cards, and almost all Korean ATMs have a Chinese language interface for easy operation by cardholders, according to UnionPay
Consumers also may use UnionPay cards at nearly 290,000 Korean merchants, including duty free stores, department stores, hypermarkets and amusement parks. Some 2.3 million UnionPay cards have been issued in Korea.
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