SIX Payment Services is taking a stake in UnionPay International Corporation Limited (UPI), which was set up by China UnionPay (CUP) at the end of 2012 with the aim of more selectively promoting use of the UnionPay card across the globe.
Members of the new enterprise include companies from the financial industry throughout the world.
SIX Payment Services has promoted acceptance of the UnionPay card since 2006, beginning with ATMs in Switzerland and then also points of sale (POS) from 2010. The UnionPay card is very popular with merchants, especially those in the tourism industry and the luxury goods segment.
"We're proud to be a founding member of UPI and to be actively involved in expanding the use and acceptance of this card," says Niklaus Santschi, CEO SIX Payment Services. He adds: "While Chinese customers offer huge revenue potential, they also greatly value trust and convenience, which our merchants can provide in full by accepting the UnionPay card." Through the cooperation with UPI, SIX Payment Services will create added value for its customers.
China UnionPay plays a key role in China's payments system and is a particularly strong supporter of cashless payments.
The card's presence is growing, becoming broadly established as a cashless means of payment across all social classes throughout the country. In the first half of 2012, the Chinese used a debit or credit card to pay for 47.2% of all retail purchases. The mission of UPI is to expand the acceptance of the UnionPay card around the world and to expand the service portfolio for cardholders. The ultimate goal is to implement the international strategy: "UnionPay cards are accepted everywhere that Chinese travel". The UnionPay card is already accepted in 135 countries. UPI aims to exploit innovations and enhanced international collaboration to keep pace with developments in the international payments industry and to create a win-win situation for all business partners.