HSBC Merchant Services is going to process
UnionPay card transactions made in the UK directly from now on.
For HSBC Merchant Services, this is a first –
until now, the acquirer processed foreign card payments via an
international system.
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The deal should provide the merchant acquiring
arm of Global Payments with ample revenue opportunities: Currently,
average card transactions on UnionPay cards are in the region of
$1,265 – $1,890.
HSBC has also signed deals with luxury retail
chains, including Tiffany’s and Prada.
Chris Davies, managing director of HSBC
Merchant Services said:
“With major global events taking place here in
2012, it is important for businesses to capitalise on the influx of
visitors eager to spend. We hope to be able to expand our offering
across more foreign card networks in the near future.”
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By GlobalDataUnionPay is the biggest card network in the
world, having overtaken Visa. In China, its distribution reach
counts 250 domestic and international bank members. It has two
billion card customers.
