Card issuing and acquiring software provider OpenWay is partnering with People's Bank of Kazakhstan to deliver the first chip-based UnionPay cards in Central Asia.
The agreement to support issuing as well as acquiring at ATMs and point of sale terminals was completed in just four months, Brussels, Belgium-based OpenWay stated in a Dec. 18 press release.
The implementation of UnionPay smart cards "forms a logical link in the chain of numerous other innovative issuing and acquiring projects" that OpenWay has implemented with the People's Bank of Kazakhstan, said Dmitry Dovgal, deputy director of business development for OpenWay, in the release.
The cards will be co-branded as UnionPay and Altyn, the bank's local payment system.
OpenWay collaborates with UnionPay International in various global markets, launching issuing and acquiring projects on the Way4 electronic payment platform in Iceland, Kenya, Russia and Azerbaijan.
Union Pay has ambitions to grow in Central Asia, said Zhang Chendong, UnionPay's country manager in Kazakhstan, in the release. "It is very important to partner with market leaders in order to develop our business."
People's Bank of Kazakhstan says it has the largest customer base and distribution network of any retail bank serving the country.
OpenWay also provides software for payment processing, remote banking services and financial transaction routing. It has 10 offices worldwide and serves 130 global clients.
In addition to card issuing and acquiring, the company's Way4 portfolio includes omnichannel banking, prepaid cards, mobile payments, digital wallets, fuel cards and other merchant management services.