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UnionPay launches credit card operations in Philippines
(Xinhua)
Updated: 2009-10-17 10:54 China UnionPay (CUP), the national bank card payment network in China, has teamed up with Rizal Commercial Banking Corp (RCBC), one of the biggest commercial banks in the Philippines, to launch a credit card operations in the country, RCBC said Friday. Oscar Biason, president of RCBC's credit card subsidiary Bankard Inc, said that in the next three to six months, the RCBC and CUP will issue a CUP-branded credit card targeting Chinese from Chinese mainland frequently traveling to the Philippines for business, leisure or study purposes. Biason and visiting regional officials of CUP Thursday announced merchant acquiring agreement that would allow over 1.2 billion CUP cardholders to use their card while traveling to the Philippines and shop in Bankard-accredited merchants. "With more Chinese tourists visiting the Philippines each year, retailers who offer CUP card acceptance facilities will be able to attract new customers and stronger sales from these visiting Chinese tourists," RCBC chair Helen Dee said in a press statement.
CUP was established in Shanghai in 2002 with the approval of the State Council and the People's Bank of China to serve as the country's main bank card payment association. It was tasked to spearhead efforts to establish unified standards and regulations in China's card payment industry and operate an inter-bank transaction settlement system. (For more biz stories, please visit Industries)
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