Economy

Markets

Industries

Insights

Reports

Events

Mainland's UnionPay bank cards to make way into Taiwan

(Xinhua)
Updated: 2009-08-06 15:30

China UnionPay, the largest bank card organization on the Chinese mainland, said its bank cards would be accepted in Taiwan beginning Friday.

The company would launch its bank card services in Taiwan in accordance with preliminary agreements with Taiwan's "National Credit Card Center," the company's press official told Xinhua Thursday.

Related readings:  UnionPay debit card use allowed in Taiwan  China UnionPay joins hands with Vietnamese bank network  China UnionPay's ATM business expands into Middle East, Africa  UnionPay issues 150,000 credit cards in ROK

This was expected to bring annual bank card transactions worth 100 billion New Taiwan dollars ($3 billion) to Taiwan's retailers, the Taiwan-based Economic Daily News reported Thursday.

It could also bring an annual 2 billion New Taiwan dollars in transaction fees to banks in Taiwan, the newspaper said, citing officials with the Financial Supervisory Commission on the island.

China UnionPay will hold a ceremony Friday to announce the launch and unveil details of the deal.