UnionPay goes local to saturate its Italian merchant network
China's UnionPay hopes to boost its reach in Italy by about a third, and has turned to local Italian acquirer Nexi to increase acceptance of UnionPay cards in stores and e-commerce.
UnionPay has a 65% acceptance level across Italy and it estimates the new agreement will increase that rate to 95% by March of 2021.
The signed agreement gives UnionPay the opportunity to have cards accepted through a Nexi network that includes 890,000 merchants and the management of 1.1 million POS terminals, and partnerships with 150 banks covering 80% of the system in Italy.
The collaboration will particularly boost acceptance in the hotel, food/beverage and car rental sectors.
UnionPay reports it has more than 7 billion cards issued worldwide and its global network has extended to 174 countries and regions, covering 53.7 million merchants and 2.8 million ATMs.