Global Payments Asia-Pacific Limited ("Global Payments"), a joint venture between the U.S.-based Global Payments (NYSE:GPN) and The Hongkong and Shanghai Banking Corporation Limited ("HSBC"), today announced that it has become the first foreign payment card processor to launch China UnionPay card acquiring service in China.
The new service will be offered to merchants in partnership with Global Payments' bank partner, HSBC. While Beijing will be the first city in which merchants will be able to take advantage of the new service, it is planned to pursue an expansion of the offering in other parts of China in the future.
With the launch of its China UnionPay card acquiring service, Global Payments and HSBC will be able to process both domestic and foreign card transactions via a common point-of-sale (POS) system, allowing merchants to operate more efficiently and enhance customer service. By consolidating all payment transactions using Visa ®, MasterCard®, American Express®, JCB® and now China UnionPay branded cards onto Global Payments/HSBC's network, merchants can enjoy the convenience of a single point of service for payments. Other benefits to merchants include access to Global Payments' global reach and world-class payment processing expertise. Merchants will be able to leverage Global Payments' product innovation and dedicated customer service.
Today, Global Payments provides China UnionPay card acquiring service in many markets across Asia-Pacific including Brunei, Hong Kong, Macau, Malaysia, the Maldives, the Philippines, Singapore, Sri Lanka and Taiwan and in the U.S., Canada, and Russia which allows mainland Chinese tourists to pay for goods and services with their China UnionPay cards at selected merchants served by Global Payments. The extension of this successful program to Beijing, China marks another major milestone for Global Payments.
Global Payments' Chairman and Chief Executive Officer, Paul R. Garcia, said, "As China's economic development continues its rapid growth, payment transactions among Chinese and foreigners travelling to China will continue to increase significantly. Merchants in China will have increasing demand for more efficient payment solutions to provide better payment experience for consumers. Therefore, we aefore, we are dellighted to be the first foreign payment card processor to enter the domestic card processing market in China in partnership with HSBC," Garcia said.
President - Global Payments Asia Pacific, Ian D. Courtnage, said, "This is a significant milestone and breakthrough for Global Payments in the fast-expanding payments market in China. Our merchants, initially in Beijing, can now accept China UnionPay cards, along with Visa , MasterCard, American Express and JCB cards issued outside of China seamlessly and efficiently with our unique service," he said. "Merchants can benefit from the convenience of partnering with one focused and specialised service provider and Global Payments' 'One Stop Shop' service, which is provided through a single point-of-sale terminal along with dedicated customer service support all year round. We continue to work closely with China UnionPay to support the expansion of China UnionPay card acceptance service," said Courtnage.