China UnionPay and Russia’s Gazprombank have signed an agreement to strengthen cooperation and accelerate large-scale UnionPay card issuance in Russia.
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Under the terms of the agreement, in the following nine months, the Russian lender will issue nearly 200,000 more UnionPay cards and speed up issuance to serve the card-using needs of local residents effectively.
The Russian lender is targeting to issue a total of 300,000 UnionPay cards by the end of March 2016.
UnionPay International has assisted the lender to set up the RMB clearing channel in order to support the bank’s large scale issuance of UnionPay cards.
This will enable UnionPay cards issued by the bank to settle in Ruble locally and in RMB beyond Russia, thereby adhering to banks’ need for diversified clearing and settlement service.
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By GlobalDataIn the coming years, the two entities are expected to negotiate on further cooperation in other fields such as UnionPay platinum cards, commercial cards as well as small-amount trade cards.
Gazprombank began UnionPay card issuance in October 2014 and has issued over 100,000 UnionPay chip cards. It has already enabled its 35,000 POS terminals and 5,100 ATMs all over Russia to accept UnionPay cards.
