Public Bank, Malaysia's third largest bank and UnionPay International, a global payment network signed an agreement for UnionPay Debit Card Issuing Business today. With this partnership, Public Bank will be the first local bank to issue UnionPay card in Malaysia by Quarter 4 of year 2016.
PB UnionPay Lifestyle Debit Card and PB UnionPay Savings Account will be launched to cater to the needs for customers and businessmen who frequently travel to China with the convenience of cards over carrying large amounts of cash.
UnionPay's acceptance across 160 countries and its full acceptance in China encourage Malaysian who travels often, expatriates and inbound students and workers from China to take up these bundled products.
In Malaysia, UnionPay cards issued locally and overseas are accepted at over 90% of ATMs whilst 60% of merchants accept payments by UnionPay cards.
The agreement was signed between Public Bank's Managing Director, Tan Sri Dato' Sri Tay Ah Lek and UnionPay International's Chief Executive Officer, Mr Cai Jianbo at Menara Public Bank with the presence of other management staff of Public Bank and officials of UnionPay International.
Commenting at the launch, Tan Sri Dato' Sri Tay said, "Being the first local bank in Malaysia to launch UnionPay card once again proves that Public Bank is focused in progressing and improving our core retail business to enhance our customers' banking experience. It is also a great pleasure in partnering with UnionPay International to offer our customers another new payment option."
Concurring on the significance of this partnership, Mr Cai Jianbo said, "Malaysia is one of the most important market for UnionPay, with 90% UnionPay card acceptance on ATM, and 60% at POS. This MOU signing with Public Bank Berhad will serve to provide a strong foundation as we continue to localise our business in Malaysia. UnionPay will enable more merchants and increase UnionPay POS acceptance to 90% by end of 2017. We will also issue more cards with local banks, provide more local privileges to improve services and convenience for Cardholders. For innovative payment, we will expedite the launch of e-wallet payments and build an 020 payment ecosystem."