Portuguese bank is first to issue UnionPay cards in Europe
Millennium bcp, Portugal’s largest private bank, will be the first bank in Europe to issue cards with China’s UnionPay brand, the organizations said this week.
Under a new agreement, Millennium will issue UnionPay cards to its customers and begin rolling out support for UnionPay QuickPass and an online payments service, with Millennium acting as acquirer of those cards, according to a press release.
More than half of Portugal’s merchants already accept UnionPay, and the agreement will push local acceptance of China’s payment card to nearly 100 percent next year, the release said.
The move addresses the needs of thousands of workers and others who routinely travel between China and Portugal, and growing bilateral trade is expected to further expand that audience, according to the release.
Chinese President Xi Jinping traveled to Portugal for a meeting this week with Portugal’s prime minister, Antonio Costa, to sign the agreement, the release said.