China UnionPay has expanded its global reach by making a substantial entry into Vietnam’s payments market in collaboration with Sacombank Ltd., a spokesperson for the Vietnam bank tells PaymentsSource.
The deal involving the two organizations will enable China UnionPay to start four business activities at one time in the country, the spokesperson says.
“Starting this December, the bank has launched UnionPay card acceptance at ATMs and [point-of-sale] terminals,” he says. “We have also issued the first UnionPay debit card and prepaid card in Vietnam.”
This will enable Sacombank’s UnionPay cardholders to use their cards locally and in Mainland China, and it will give Chinese travelers to Vietnam access to its banking services.
Sacombank will issue the debit card to its accountholders, and any customer will be eligible for a UnionPay prepaid card as long as he deposits a minimum 100,000 Vietnamese dong (US$5 or 3.9 euros) or up to a maximum 100,000,000 dong.
Sacombank also plans to launch UnionPay credit card products early next year, the spokesperson confirms.
China UnionPay cards are accepted in 90 countries worldwide.
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