UnionPay, held a signing ceremony with Hungary’s K&H Payment Services to announce the successful launch of a large-scale UnionPay card acceptance deal. The ceremony took place at K&H Group Headquarters in Budapest, Hungary, with UnionPay Chairman, Shao Fujun and Mr. Otto Paulovics Managing Director of K&H Payment Services in attendance.
The collaboration represents the further expansion of the UnionPay card acceptance network in Hungary, creating access for cardholders to approximately 25,000 POS terminals and 12,000 merchants.
The strategic alliance between UnionPay International (UPI) and K&H Payment Services enables all participating merchants in Hungary to process UnionPay card transactions. Besides endorsing EMV-secured chip payments, K&H Payment Services will also introduce UnionPay’s QuickPass contactless solution. This collaboration enhances the UnionPay card’s acceptance, granting cardholders broader payment scenarios spanning dining, hospitality, entertainment, retail, and beyond.
Fujun, said: “With the resumption of cross-border movements, UnionPay has been pivotal in forming a global payment network, facilitating financial payment services in support of the tourism market’s recovery. This collaboration solidifies UnionPay’s European footprint. We’re committed to maximising our vast network, products, and services, while joining forces with industry partners to enrich the digital acceptance realm, ensuring diverse, convenient payment avenues for cardholders.”
Expanding European market
K&H Payment Services is one of the significant local acquirers in the Hungarian market and has been responsible for operating approximately 25,000 POS terminals that represent a market share of 9%, as well as is in contractual contact with 12,000 merchants in the country. Together, the two institutions started cooperating on card acceptance in Hungary in May 2022, and by August 2023 all 12,000 merchants and their 25,000 POS units began accepting UnionPay cards.
Paulovics, added: “The launch of the new service is an important milestone in the operations of K&H Payment Services. This new service is in line with our strategy to offer our partners reliable, customer-centric solutions in the field of card acceptance and innovative payments in general, and thus further increase the satisfaction of end users, in this case the travelling public and card users.”
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