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NBS and China UnionPay – World’s Largest Payment Card System, Sign Memorandum of Understanding

27/11/2017 NBS Governor Jorgovanka Tabaković and Shi Wenchao, President of China UnionPay (CUP), signed a Memorandum of Understanding, establishing the basis for future cooperation between the national payment card system of the Republic of Serbia – DinaCard and the largest card system in the world – the Chinese national payment card system China UnionPay.

The Memorandum of Understanding was signed during the visit of the high delegation of China UnionPay to Belgrade and the NBS. The areas in which the two national card systems will cooperate relate primarily to enabling the acceptance of UnionPay cards at the entire acquiring network in the Republic of Serbia, enabling the acceptance of DinaCard cards abroad in the UnionPay acquiring network and the enhancement of the DinaCard system regarding the use of new technologies. Establishing business cooperation with the China UnionPay system is a logical continuation of the outstanding cooperation that the Republic of Serbia and the People’s Republic of China have already established in many other areas, and will contribute to the further improvement of bilateral relations between the two countries.

The visit of the high Chinese delegation led by Mr Shi Wenchao and the establishment of cooperation with the largest payment card system in the world are the results of the initiative of NBS Governor Jorgovanka Tabaković with the Governor of the People’s Bank of China Zhou Xiaochuan. Thanks to this collaboration, which is of utmost importance for the NBS, the DinaCard system will gain access to cutting-edge payment technologies and standards, support of the global leader in card operations and the acquiring network consisting of over 41 million merchants (ten million online merchants) and 2.1 million ATMs in over 160 countries and regions worldwide.

China UnionPay, established in 2002, is by far the largest card system in the world, with over 6.5 billion issued cards, making up more than 54% of the world market. In terms of contactless cards, UnionPay’s domination is even more prominent, with a share of 75% globally. The system – well-acclaimed as the world’s fastest growing international payment brand – has experienced tremendous growth in recent years, resulting in UnionPay cards being issued in over 40 countries and regions around the world. UnionPay International (UPI), a subsidiary of China UnionPay focused on international business, was launched in 2012 with the goal of expanding the global acceptance network and encouraging the issuance of UnionPay cards, introduction of innovative products and services in other countries and the use of new payment technologies.

UnionPay, a system that has already established partnerships with over 1500 institutions around the world, supports state-of-the-art payment technologies that include contactless card payments, mobile phone payments and online payments. Its dedication to the development of international digital payment standards resulted in the adoption of the UnionPay chip standard within the Asian Payment Network. As part of the EMVCo group, UnionPay actively worked on adopting the global UnionPay QR Code Specification for Payment Systems. This demonstrates UnionPay’s strength and influence in developing international payment standards.

More information on UnionPay International can be found at: http://www.unionpayintl.com/en/, and on DinaCard system at http://www.dinacard.nbs.rs/english/index.html