Euronet Pakistan, a subsidiary of Euronet Worldwide, Inc. (NASDAQ:EEFT), today announced it has successfully enabled acquiring of UnionPay cards on MCB Bank's nationwide Point of Sale (POS) network.
This is another major step for Euronet towards multi-brand acquiring services and internationalism.
The service is enabled for MCB Bank through collaboration with UnionPay International (UPI) - a subsidiary of China Union Pay, which focuses on UnionPay's international business. Union Pay International has an acceptance network in more than 140 countries and regions. With this acquiring service, MCB can accept UnionPay cards across its POS network, which includes 12,000 terminals across Pakistan. This new acquiring service will increase the bank's revenue, as UnionPay cards in circulation worldwide have reached 3.5 Billion and it has the largest card holder groups in the world.
"The cooperation between UnionPay International, Euronet Pakistan and MCB is a significant milestone for our business in Pakistan, providing more options for local payments. In recent years, various UnionPay cards have been issued in Pakistan. With the acceptance environment improving, UnionPay cards will provide safe, convenient and favorable card service to more visitors and local residents," says Wang Lixin, Chief Officer- Business Development at UnionPay International.
Euronet Pakistan and its team are delighted with this achievement as it marks another acquiring services milestone for the company.
"We are extremely pleased to have achieved partnership with a strong association like UPI. Enabling one of the largest banks in Pakistan for UPI card acquiring will open up many new opportunities for all three organizations to work in collaboration to provide value added services to the end customer", said Shahid Latif, Managing Director, Euronet Pakistan.
"With this milestone, MCB's multi-brand position is even stronger. We can now expand our strong acquiring network by acquiring UnionPay cards on our (POS) network and optimally build on our success to date. UPI acquiring completes our acquiring suite as now we are providing services to our customers for allall the major card associations present in Pakistan. All of this wouldn't have been possible without the phenomenal support and assistance we received from both Euronet Pakistan and UPI teams", said Group Head Retail Banking, Ali Mubashir Kazmi, MCB Bank.