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February 28, 2017

UnionPay, BancNet to issue chip cards in Philippines

UnionPay International, a wholly-owned subsidiary of China UnionPay, has signed a licensing agreement with the Philippine switch network BancNet to issue chip cards on large-scale in the country.

By Verdict Staff

UnionPay International, a wholly-owned subsidiary of China UnionPay, has signed a licensing agreement with the Philippine switch network BancNet to issue chip cards on large-scale in the country.

Under the terms of the contract, both firms will collectively promote large-scale issuance of UnionPay EMV chip cards by BancNet’s members.

The recent deal comes after UnionPay International reached a chip card standard licensing cooperation with Asian Payment Network (APN) in the Philippines. APN includes 13 switch networks from 11 Asia-Pacific countries, and UnionPay is the sole supplier of its cross-border chip card standard.

Earlier in October 2016, UnionPay inked chip card standard licensing agreement with 7 APN member institutions, including BancNet. As per the contract, mainstream switch networks in Thailand, Singapore, South Korea, Malaysia, Indonesia and the Philippines agreed to adopt the UnionPay chip card standard as the technical standard for acceptance and issuance.

The UnionPay chip card standard meets the EMV standard, with UnionPay being one of the founding members of the EMV standard.

BancNet, which is the sole ATM switch network in the Philippines, serves more than 100 members in the Philippines.

“Since the signing of chip card standard licensing agreement, BancNet has completed the EMV chip card migration of its acceptance network and is preparing for card issuance. Next, BancNet will promote large-scale issuance of UnionPay EMV chip debit cards by its members. And all these cards can be used in the UnionPay network across 160 countries and regions,” UnionPay International said in a press statement.

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