Under the agreement, Pecunpay has been granted a UnionPay International Membership License, allowing the company to issue UnionPay cards in Spain and across the SEPA zone. The agreement covers commercial products, consumer and corporate cards, as well as mobile payment systems.

Pecunpay and UnionPay International will combine their technological, marketing and financial resources to support the launch of the UnionPay products initially in Spain and thereafter in other countries.

As the leading bankcard scheme in China, UnionPay has enabled the growing number of Chinese international travelers to perform transactions overseas safely and efficiently.

In Europe, UnionPay is now accepted by more than four million merchants in around 40 countries and regions, covering more than 70% of all the bankcard-accepting merchants in Europe. In Spain, UnionPay is accepted at all local ATMs and 92% of merchants that accept cards. UnionPay’s rapidly expanding acceptance network across Europe has paved the way for local card issuance in Spain.

“This is an important step for Pecunpay, as it opens the door to a vast and growing market with excellent potential,” said Antonio García Cruz, Pecunpay´s CEO. “We will be able to offer our customers in Spain and in other key markets an innovative payment system with increasing acceptance all over the world.”

“UnionPay International is accelerating the localization of our business in Europe by seeking opportunities to issue cards locally. We are delighted to have agreed this partnership with Pecunpay and look forward to announcing similar card issuance with other European institutions in due course,” said Shengliang Yang, head of UnionPay International-

Through its partnership with UnionPay International, Pecunpay will gain competitive advantages and jointly push forward the business’ cooperation in Spain and across the SEPA zone.