VocaLink, the international payment systems provider, today announces a five year deal with UnionPay International, which will enable UnionPay cardholders to access ATMs in the UK and continental Europe.
UnionPay is one of the world’s largest bankcard schemes, with over 5.4 billion cards issued.
Under the deal, VocaLink will provide ATM transaction processing and UnionPay sponsored access, providing acquirers with a fast go to market solution, which allows them to accept transactions from a growing market. On average, the value of UnionPay card withdrawals from UK ATMs are five times the average value of UK ATM withdrawals.
The deal follows a number of contract wins for VocaLink within the UK and internationally, with the business recently announcing the UK’s largest ever ATM processing deal with LINK, its expansion in the Netherlands with YourCash and a collaboration with The Clearing House, where it will be providing the payments infrastructure for the US faster payments network.
Wei Zhihong, General Manager of UnionPay International Europe said: “This partnership represents a significant milestone in our goal to increase access to UnionPay cards internationally. We believe there is a strong strategic fit between UnionPay International and VocaLink and we were impressed with VocaLink’s proven international track record as a transaction processor of cards as well as their demonstrated speed to market.”
“UnionPay customers will benefit from secure, reliable and accessible ATM transactions in the UK and Europe.”
Sara Parker, Product Director at VocaLink, added: “This is an excellent deal which will ensure UnionPay cardholders can use ATMs in the UK and continental Europe. We are pleased to have won this deal with UnionPay International and it serves to highlight our ability to deliver effective payment networks both in the UK and Internationally. We have ambitious plans over the coming years as we look to further expand our payments systems into international markets.”