Bulgarian payment service provider Paynetics has finalised an agreement to issue UnionPay International’s cards in the European Economic Area (EEA).

Under this partnership, UnionPay will help Paynetics extend its payment services suite to established brands, startups, among other new business types.

Paynetics will start issuing UnionPay cards from the first quarter of 2021.

UnionPay International market director Zhihong Wei said: “It is a great pleasure for UnionPay to cooperate with Paynetics, who will provide European companies with a new option of a payment card.

“With a comprehensive acceptance network of online, offline, and contactless payment platforms, UnionPay has established a safe, fast and convenient payment environment for cardholders.”

Paynetics is an EU-licensed e-money institution and a principal member of Mastercard, Visa, SWIFT, and SEPA.

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By GlobalData

It offers payment technology solutions including issuing, acquiring, IBANs, money transfers, e-wallets, mobile payments, and software POS.

Paynetics global MD Rob Anderson said: “We are really proud to announce our partnership with UnionPay International as we have now become one of the most comprehensive and far-reaching card issuers in the EEA and have the backing of another of the top card schemes in the world.”

Last month, Paynetics joined Mastercard’s Accelerate programme to support its long-term growth plans.

Paynetics acquired tokenisation capabilities via Visa Token Service in a bid to offer an extended range of services to businesses across Europe.