Ingenico, a worldwide provider of electronic payment and secure transaction solutions, and China Unionpay (CUP), China's sole nationwide payment network operator, signed a partnership agreement on May 11th at Ingenico's head office in Neuilly-sur-Seine.
The agreement makes INGENICO the official supplier of electronic payment terminals (EPTs) to China Unionpay, an organization that accounts for nearly 50% of all payment terminal purchases in China. INGENICO has pledged to promote business growth and acceptance for CUP cards in Europe on its standalone terminals.
As a structure with 175 member institutions, China Unionpay handles interbank transactions and cash withdrawals effected with CUP payment cards in China and abroad.
Under the agreement signed by Yongchun Liu, Executive Vice President of China Unionpay, and Amedeo d'Angelo, Chief Executive Officer of INGENICO, CUP is to order terminals from INGENICO for deployment in 2007. No shipment volume figures have been disclosed.
This partnership is already a reality in the field, since 550 cash registers in the Paris department store Le Printemps on Boulevard Haussmann accept CUP cards from Chinese tourists - thanks to the integrated solution provided by INGENICO. CUP card acceptance for both payment and cash withdrawal - not only at Le Printemps, but also at a wide range of chain stores and independent retail businesses in France - has become possible through a setup designed by CEDICAM (Crédit Agricole's subsidiary specializing in payment flows and systems) for the banks in the Crédit Agricole Group.
After the signing, Mr. Liu declared: "The signing of a cooperation agreement with INGENICO today marks a major breakthrough in the international development of China Unionpay. I hope that through our cooperation, we can soon overcome the technical obstacles to CUP card acceptance on terminals in European countries, which will help to expand the CUP card acceptance network and elevate CUP brand awareness. Meanwhile, we will provide necessary assistance for the development of INGENICO in China. I believe that through our joint efforts, China Unionpay and INGENICO will achieve a win-win scenario."
With a total of over one billion cards, China's electronic payment market is in the midst of a boom.
Amedeo d'Angelo said: "We at INGENICO are proud to be CUP new partner. We are committed to promoting electronic payment growth in China and to enabling millions of Chinese tourists in Europe to use their CUP cards in the best possible conditions," stressed Amedeo D'Angelo. "In September 2005, INGENICO senior management already singled out the Chinese market as a strategic priority, and this agreement position INGENICO as a major player in China through our wholly owned subsidiary," he added.