China’s UnionPay International (UPI) has entered into a new market development agreement with Denmark-based payment service provider Nets.
The partnership will allow UnionPay contactless acceptance across Nets’ Nordic merchant portfolio.
This expands UPI’s existing reach with over 100,000 POS terminals in Sweden, Norway and Denmark.
Additionally, the alliance with Nets will expand UnionPay acceptance to over 6,000 ATMs in Norway, Denmark, Finland and Sweden.
The move will enable UnionPay cardholders visiting the Nordics to use their cards and mobile phone to pay at POS terminals.
UPI European Branch deputy head Han Wang said: “We are delighted to have signed this significant new agreement with our long-term partner Nets, which substantially increases UnionPay acceptance across the entire Nordic region.
“As we see international travel begin to normalise, the Nordics will once again become a key destination for UnionPay cardholders to Europe. We look forward to continuing to strengthen our partnership with Nets over the coming years.”
UPI and Nets, which started working together in 2007, plan to sign a new agreement to boost UPI’s existing POS merchant acceptance rate in Finland.
In 2018, the companies teamed up to enable overseas payments for customers of NETSPay, Nets’ e-wallet product.
Commenting on the development, Nets Merchant Services CEO Robert Hoffmann said: “Our partnership with UnionPay is particularly important for merchants located in the many popular tourist destinations across the Nordic region. As UnionPay cardholders start to return, merchants will be well set to provide them with a preferred and easy payment option.”
Nets was acquired by Italian payments processor Nexi this year in a deal worth $9.28bn.