BSP accepts China’s UnionPay cards
23 November, 2018, 2:35 am
PORT MORESBY, 22 NOVEMBER 2018 (THE NATIONAL) – The launch of China’s UnionPay International payment service with Bank South Pacific means that UnionPay cardholders can enjoy safe and convenient payment services at BSP’s ATMs and point-of-sales terminals, says UnionPay International chairman Huayong Ge.
He said the partnership was significant to the business development between BSP and UPI.
“To meet the demand for cross-border payment in economic and trade cooperation and personal exchanges between China and PNG, UnionPay continues to enhance its service capacities here,” Ge said during the launch of the service in Port Moresby last week.
“BSP is the biggest bank in PNG and the biggest acquiring institution amongst the South Pacific Islands, with great market significance.
“UnionPay’s business progress in PNG can be regarded as an epitome of our business in the South Pacific Islands. At Present, not only PNG, but Fiji, Vanuatu, Samoa, Tonga, Cook Islands, Solomon Islands, Kiribati, East Timor have accepted UnionPay cards.” BSP chief executive Robin Fleming said UnionPay is the biggest payment service in China with about 100 million contactless payments everyday.
“Chinese investment in PNG continues to grow and many of those visitors, whether they are business visitors or tourists, are much more used to contactless so when they come to PNG, they have a method that is similar,” he said. “It is reducing the need for cash in our wallet.
“This is very much a key milestone for BSP.
“For UnionPay to partner with us and these further contactless development, is very much an honour for BSP, we have been partnering with UPI for a number of years, not just in PNG but across the Pacific.”
“The real purpose of this launch is for us to be able to officially inform all our customers and more importantly, to all UnionPay’s valued users and value customers.
“We are now able to use quick-pass, touch-and-go contactless payment transactions with our Eftpos devices all around Papua New Guinea and our ATMs.”
UnionPay has a similar arrangement with Kina Bank.
UnionPay is a Chinese financial services corporation headquartered in Shanghai.
It provides bank card services and a major card scheme in mainland China.
UnionPay is an association for China’s banking card industry, operating under the approval of the People’s Bank of China .
It is also the only interbank network in China that links all the ATMs of all banks throughout the country. It is also an electronic funds transfer at point of sale network.
It is regarded as the largest card payment organisation in the world, offering mobile and online payments based on total value of payment transactions, ahead of Visa and Mastercard.