TAIPEI: The mainland's only bankcard association plans to open an office in Taiwan, after the island started accepting its cards amid growing demand from mainland tourists, local media reported yesterday.

Beijing-based China UnionPay could set up operations on the island early next year, the Chinese-language Economic Daily News said, without naming its source.

Taiwan authorities in August permitted mainland visitors to use China UnionPay debit cards for transactions.

The island's Financial Supervisory Commission told AFP it has not received an application from China UnionPay to set up the office.

Transactions in Taiwan by mainland tourists using China UnionPay cards have amounted to more than 700 million Taiwan dollars (21.5 million US dollars) since August, according to the paper.

More than 360,000 mainlanders have visited Taiwan since July 2008, when Taipei trebled the daily quota for mainland visitors to 3,000.

Ties between Taiwan and the mainland have improved dramatically since Taiwan leader Ma Ying-jeou took office last year, pledging to boost cross-Straits trade and tourism.

AFP

(HK Edition 11/06/2009 page2)