UnionPay International, a subsidiary of China UnionPay, has partnered with Pakistan-based lender HBL to issue UnionPay chip cards on a large scale.
The partnership will enable the bank to issue UnionPay chip cards for the first time.
Go deeper with GlobalData
According to the UnionPay, almost all the point-of-sale (POS) terminals and nearly 80% of ATMs in Pakistan accept UnionPay cards. Ten local banks have issued more than 4.1 million UnionPay cards. About 90% of the transaction made by these cards occurs in Pakistan.
UnionPay International CEO Cai Jianbo said: “We are giving full play to our advantages in chip card product, standards and global chip card acceptance network to promote the largest commercial bank in Pakistan to issue UnionPay chip cards in a large scale.
“Thus, we are able to realize the migration from magnetic stripe card to chip card, jointly supporting the upgrade of the local payment industry. Next, we will carry out the chip migration of our acceptance network to lay a solid foundation for the issuance of mobile QuickPass-enabled UnionPay chip cards, so as to enable the local residents to conveniently tap their cards to pay.”
