UnionPay International has signed the Chip Card Standard License Agreement with Thailand Bankers Association in Bangkok.
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The agreement makes Thailand the first overseas nation to embrace UnionPay standard as its local uniform chip card standard.
The deal will enable UnionPay’s chip card standard to be launched to Thailand’s banks as the standard of Thailand’s banking sector.
UnionPay chip card standard emerged as the recommended standard for acceptance and card-issuance for banks across Thailand following the review of Thailand Bankers Association and major commercial banks last year.
The deal is also projected to will foster nationwide chip migration of debit cards as well as ATM cards throughout Thailand.
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By GlobalDataUnionPay International chairman Ge Huayong said that UnionPay chip card standard complies with the global EMV standard, and hence, the deal will help Thailand’s banking industry upgrade from the magnetic strip to the chip and compatibility with the international standard.
