VocaLink, a provider of payment systems, and UnionPay International have inked a five-year agreement that will enable UnionPay cardholders to access ATMs in the UK and continental Europe.
Pursuant to the agreement, VocaLink will offer ATM transaction processing and UnionPay sponsored access, thereby enabling acquirers to accept transactions from a growing market.
Vocalink said that the value of UnionPay card withdrawals from UK ATMs would be five times the value of UK withdrawals on average.
UnionPay International general manager of Europe Wei Zhihong said: "This partnership represents a significant milestone in our goal to increase access to UnionPay cards internationally.
"We believe there is a strong strategic fit between UnionPay International and VocaLink and we were impressed with VocaLink’s proven international track record as a transaction processor of cards as well as their demonstrated speed to market."
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By GlobalDataVocaLink director of product Sara Parker said: "We are pleased to have won this deal with UnionPay International and it serves to highlight our ability to deliver effective payment networks both in the UK and Internationally.
"We have ambitious plans over the coming years as we look to further expand our payments systems into international markets."
