Elavon, a global payments provider, has signed
a binding agreement with China UnionPay, China’s bankcard
association, allowing UnionPay’s debit and credit cards to be
accepted at Elavon’s merchants in the US and Europe.
The agreement will give Elavon’s merchants
direct connectivity to UnionPay allowing a single point of service
for processing, funding, settlement and reporting for transactions
for Visa, MasterCard, American Express, Discover, and UnionPay.
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The deal will also allow UnionPay’s cards to
be accepted by Elavon’s Canadian merchants and will extend to their
Latin American merchants in the future.
“We believe that their vast merchant base and
excellent quality of service will help drive global acceptance of
China UnionPay,” said Ruode Xu, president of UnionPay.
The Chinese market for credit cards is
expected to overtake the US by 2020 with its total number of cards
expected to increase by 11% per year. UnionPay currently issues
2.6bn cards worldwide.
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By GlobalData
