Bank of China and China UnionPay on Oct. 12 jointly launched a dual-currency debit card in the Philippines through the bank’s operation in Manila, the first time a Chinese bank has issued such a card abroad.
The bank designed the card to meet the growing demand from businesspeople traveling between the Philippines and China, Yao Hua, Bank of China head of personal finance, said in a statement.
The card comes with no annual fee, and Filipinos and foreigners holding identification cards issued by the Philippine government may apply.
“We aim to attract 3,000 to 5,000 applicants in the near future,” a Bank of China spokesperson tells PaymentsSource.
With two separate accounts for Chinese yuan and Philippine peso, cardholders may use the UnionPay-branded card at all ATMs and payment terminals in China UnionPay’s network globally. China UnionPay links to more than 2.4 million point-of-sale terminals and 220,000 ATMs in China, and has been building its network overseas.
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