Bangladeshi lender Mutual Trust Bank (MTB) has teamed up with UnionPay International to issue the first UnionPay card in the country.
The two parties have also joined forces to launch QR code payment, e-wallet and digital card services in Bangladesh.
Under the partnership, UnionPay and MTB will jointly issue 100,000 UnionPay debit cards.
The UnionPay QR code payment service will be enabled through digital issuance of UnionPay cards. The QR code payment service will be supported by the country’s 100,000 merchants in the areas of public transportation, retail, restaurants and public utility.
The pair will also develop MTB’s e-wallet offering based on UnionPay’s technical standards.
UnionPay International CEO Cai Jianbo said: “UnionPay International and MTB are jointly providing more diverse payment services to customers in Bangladesh through physical card issuance, e-wallet development and digital card issuance, pushing the localisation of UnionPay’s business in the country.”
Meanwhile, UnionPay signed a partnership agreement with Bangladeshi POS acquirer City Bank.
Under the alliance, City Bank’s online merchants including airlines, hotels, retailers will be able to accept UnionPay Online Payment service. The move will be effective in the first half of next year.
All the bank’s POS terminals will accept UnionPay cards, while some of its merchants will facilitate UnionPay QR code payment.
UnionPay cards are currently accepted by nearly 50% of ATMs in Bangladesh. This figure is expected to increase to 70% by the end of this month, UnionPay said.