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| CUP Signs Global MOU with Global Payments |
| 2008-09-25 |
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On Sep. 24th, 2008, China Unionpay (CUP) signed a global MOU with US Global Payments., with both parties decided to conduct business cooperation across the globe. Liu Tinghuan, Chairman of CUP, and Paul Garcia, Chairman and CEO of Global Payments signed the MOU respectively on behalf of their own companies. Liu Yi, Commercial Counselor of China’s Consulate General to Toronto was among the attendees of the MOU signing ceremony.
According to the MOU, CUP and Global Payments will conduct cooperation with each other on merchants’ acceptance of bankcards on the markets of Canada and UK, which can facilitate the realization of Merchants’ acceptance and handling of CUP cards on those markets. Global Payments will also recommend its newly-developed merchants to accept CUP cards in Asia Pacific market and other markets all over the world.
Liu Tinghuan, Chairman of CUP, said that in order to comply with national social and economic development and to meet people’s increasing need of card payment when doing business, travelling and studying abroad, CUP is accelerating its internationalization process and actively exploring international acceptance and handling network. He added that CUP has been consistently committed to conducting fruitful cooperation with renowned institutions around the world. Global Payments is an important acquiring institution with international influence and has business operations in many countries and regions. The signing of the global MOU indicates the bilateral cooperation has come to a brand-new stage. Though cooperation, the two parties can surely supplement each other’s advantages, find win-win solutions and achieve strategic objectives respectively.
Paul Garcia from Global Payments said that its cooperation with CUP is an important step towards the company’s strategy of internationalization. Through signing the MOU, Global Payments will closely cooperate with CUP worldwide to promote global acceptance and handling of CUP cards. It also demonstrated the sincerity and confidence of Global Payments to conduct long-term cooperation with CUP. Global Payments will do its best to achieve success in cooperation.
Global Payments is one of the largest bankcard acquiring banks in North America and operates acquiring services in many countries of America, Europe and Asia Pacific. In December 2005, with the opening of bankcard acceptance and handling services in the United States, merchants of Global Payments in the US realized the acceptance and handling of CUP debit cards through the networks of CUP and US Discovery Card Company. In July, 2006, Global Payments established a joint venture with HSBC, taking over from HSBC all the merchant acquiring businesses in the Asia Pacific Region, including the business of CUP card acceptance and handling in regions like Hog Kong and Macau.
As CUP is constantly accelerating the internationalization process, the establishment of International Acceptance and Handling Network of CUP cards has basically taken shape, Up till now, CUP cards can be used to draw money on ATMs in nearly 50 countries and regions and be swiped for purchase on Merchants’ POS terminals in 27 countries and regions outside China. When swiping cards abroad, CUP cardholders within the Chinese territory choosing CUP network can realize direct conversion between RMB and the local currency, avoid the risk of exchange rate fluctuation, and save 1% to 2% currency conversion fees of card swiping amounts as compared with other banks’ bankcard payment networks.
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