UnionPay International teams up with Credit Europe Bank; expands payment acceptance in Russia

By Megha Bhattacharya

UnionPay International today announced the beginning of its cooperation with Credit Europe Bank, in a bid to allow the expansion of its acceptance network in the Russian Federation. The collaboration will allow customers to use UnionPay cards issued in Russia or abroad.

“We are committed to providing safe and smooth payment service to our cardholders in and visiting Russia. We are very glad to reach new partnership with Credit Europe Bank, and I am confident that the bank’s extensive network in the Russian regions, along with the advantages of safe and fast UnionPay transactions, will bring our clients better payment experience,” said Xia Yu, Head of UnionPay International Russia Branch.

According to the company, in Russia, the UnionPay payment acceptance network is expanding. Currently, UnionPay cards are accepted in more than 95% of the terminals of trade and service enterprises and ATMs. Over 1.6 million POS terminals accept UnionPay cards with QuickPass contactless payment technology. In addition, more than 3 million UnionPay cards have been issued on the Russian market.

Recently, UnionPay International announced its cooperation with the Military Commercial Joint Stock Bank (Military Bank) in Vietnam to issue 600,000 virtual cards supporting online and QR Code payment, thereby marking the first massive rollout of UnionPay virtual cards in the country. Mobile payment service has become a major driving force behind UnionPay’s business localisation in global markets. More than six million UnionPay virtual cards were issued outside Mainland China last year, with over half issued in Southeast Asia.

UnionPay is an international payment system founded in 2002. UnionPay’s payment acceptance network has expanded to 179 countries and regions; 68countries and regions have issued UnionPay cards.