China UnionPay and Taishin International Bank Ltd. have signed a memorandum of cooperation to expand acceptance of UnionPay credit and debit cards in Taiwan, the companies announced last week.
Under the agreement, UnionPay cardholders may use their cards at Taishin payment terminals and ATMs in Taiwan. They also may withdraw cash at the bank’s branches in Taiwan if they lose their cards.
“Taishin Bank signed the agreement to meet the growing needs of Mainland Chinese, who are coming in numbers to Taiwan for business and tourism purposes,” Minlan Xia, Taishin International senior vice president, tells PaymentsSource.
The agreement also facilitates cross-border credit card payments for Mainland Chinese cardholders looking to shop at Taiwan-based online retailers, Xia adds.
As of March, China UnionPay cardholders could use their cards with online retailers based in Taiwan under an agreement the card organization reached on Feb. 8 with Taiwan’s National Credit Card Center (see story).
The center is responsible for the interbank settlements of credit card transactions between card-issuing banks and retail merchants’ banks.
“We will provide the Mainland customer with a more convenient, safe and efficient online consumption route,” Xia says.
Taishin is the emergency service provider for UnionPay cardholders in Taiwan, Xia notes, adding that the branch-withdrawal service would be a major reason for them to use Taishin’s banking channels.
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