China’s UnionPay International has signed a deal with RED, an acquirer in Cuba, to issue its first international payment card in the country.

The newly launched card, dubbed UnionPay-RED.S.A Card, will be issued through RED’s partner BISCA.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

The card, which can be used not only in Cuba but also across the UnionPay network in 157 nations and regions, will choose RED as the routing option in Cuba and UnionPay outside Cuba

China UnionPay president Shi Wenchao said: "This card-issuing cooperation with RED.S.A marks a significant breakthrough of UnionPay in Cuban market. UnionPay International not only continues to offer convenient and secure services to UnionPay cardholders visiting Cuba but will also provide local residents with a new choice of payment for their daily life and international traveling.

"Next, we will proactively push forward the implementation of the card-issuing project with our partners, and will discuss future cooperation in more fields like chip card migration, and support the enhancement of the e-payment service level in Cuban market."

RED president Jorge Sánchez said: "UnionPay International is a very important partner of RED.S.A. We have founded a good basis for cooperation. I hope that we can carry out cooperation in more fields in the future to jointly improve our services to clients and bring more opportunities to local merchants."

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The two nations have close economic, trade and personnel exchanges between each other. More than 80 China-funded organizations are currently residing in Cuba.