On June 26, 2009, China Unionpay (CUP) signed a cooperation agreement in Shanghai on CUP card acceptance business with Informatics Services Corporation (ISC), the only national bankcard transit network carrier in Iran. Chai Hongfeng, Executive Vice President of CUP, Moghadam, Chairman of ISC, and Sharifi, Head of Disbursement Department, Central Bank of Iran, attended the signing ceremony.
Under the agreement, CUP and ISC will launch the ATM and merchant acceptance businesses in Iran in September 2009. At that time, CUP card will be accepted by all the ATMs in Iran and the merchants in its capital Teheran and other popular destinations for the Chinese tourists. CUP cardholders will enjoy great payment convenience in their travel, business or study in Iran.
Subordinate to the Central Bank of Iran, ISC is the only national bankcard transit network carrier in Iran, which holds an important market position and has extensive influence in Iran’s bankcard industry. All the 18 banks in Iran are member institutions of ISC. At present, ISC owns 13,000 ATMs and approximately 1 million POS terminals.
The signing of this cooperation agreement is a milestone of the extension of CUP’s acceptance network in the Middle East, and marks another significant achievement of CUP’s internationalization process. It will make great contribution to the trade and personal exchanges between China and Iran.
The exchanges between China and Iran have a long history. The recent years has witnessed increasing bilateral trade and personnel exchanges between the two countries. In 2008, the bilateral trade reached at USD 27.6 billion, nearly doubling the USD 14 billion in 2006. China is the biggest trading partner of Iran in Asia and the third largest trading partner of Iran in the world. Iran is one of the most important trading partners of China in the Middle East and also one of the favorite destinations of self-funded Chinese tourists. At present, the mainland and overseas Chinese and the staff of Chinese-invested entities in Iran has exceeded tens of thousands.
With CUP continuous effort in its internationalization process, CUP’s global acceptance network is taking shape, which allows CUP cards to be accepted in 61 countries and regions outside China. Besides, CUP is also actively promoting the issuance of CUP standard cards by overseas institutions, so as to provide payment convenience for foreign visitors in their work, travel or study in China. Up to now, more than 40 financial institutions in 8 countries and regions have issued local-currency CUP standard cards.
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