Jul 16 2011 |
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Network International operated ATMs provides access to Union Pay Cards
Closer cooperation with Chinese bankcard association to boost transactions
This agreement was signed by Network International Chairman Mr. Abdulla Qassem and UnionPay Executive Vice President Mr. Cai Jianbo at Shanghai last week. Network International is the principle member that facilitates this sponsorship and processing of Union Pay cards in more than 20 countries in the Middle East and Africa. This is in addition to the existing Point of Sale (POS) agreement which Network International has with UnionPay.
UnionPay, a bankcard association in China, operates interbank transactions in China and beyond.
"The number of Chinese individuals, living, visiting, and conducting business in the UAE has reached near the one million mark. It is only natural that banking systems in the two countries start communicating and cooperating with one another to facilitate commerce and tourism. UnionPay's agreement with NI is an excellent step in ensuring that visitors from China can continue to enjoy the benefits of their UnionPay card even when they are away from home. We are expecting a sharp rise in transaction values due to our agreement with NI ," said Mr. Cai Jianbo, Executive Vice President, UnionPay.
About Network International :
Established in 1994, Network International LLC is the largest acquirer, and one of the leading payment solutions providers in the Middle East, geared to meet the needs of Banks, Financial institutions and large and individual retailers. It is a Principal Member of Visa International and MasterCard International for the UAE, offering customers the most comprehensive range of payment products and services for both the Issuing and Acquiring segment of the card payment industry. Offerings include credit and debit card processing services, ATM management and monitoring, merchant acquiring plus consumer finance applications. Network International provides consultancy services ranging from planning and designing, to developing of new card and consumer finance products and services.
Network International is the first independent vendor certified by both Visa & MasterCard for card payments in the Middle East. It is the UAE's largest payment acquirer for Credit & Debit Cards and the largest third-party processing vendor offering complete EMV certified solutions as institutions migrate to EMV Smart Card technology.
About Union Pay
Established in March 2002, UnionPay is a bankcard association established under the approval of the State Council and the People's Bank of China. At present, the Shanghai-headquartered UnionPay has about 400 domestic and overseas associate members. UnionPay has become the central and pivotal part of China's bankcard industry, and plays an essential role in the industry development. As the bankcard association in China, UnionPay operates an inter-bank transaction settlement system through which the connection and switch between banking systems and the inter-bank, cross-region and cross-border usages of bankcards issued by associate banks could be realized. Based on the system construction and operation as well as the bankcard network, UnionPay actively collaborate with various industrial parties like commercial banks in the efforts to formulate and extend united UnionPay card standards and regulations, create independent bankcard brand, promote the development and application of bankcard, maintain an orderly bankcard acceptance market and prevent bankcard risks.
For more information, please contact:
Maan Dalghan
O2 Public Relations
050 4735351
Maan.d@o2pr.net
© Press Release 2011
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