China UnionPay Chairman Ge Huayong (right) met with Inter-American Development Bank President Luis A. Moreno (left)

The other day, Chairman of China UnionPay, Ge Huayong met with President of Inter-American Development Bank, Moreno in Beijing. The two exchanged opinions on promoting the cooperation between UnionPay and the major financial institutions in Latin America to jointly support the development of electronic payment industry in the region, and have reached consensus. Inter-American Development Bank is the world’s first and largest regional multilateral development bank, and is aimed at promoting social and economic development of Latin America and the Caribbean region. China became one of the Bank’s member countries in 2009.

Ge Huayong said, with the increasingly frequent economic cooperation and personnel exchange between China and Latin America, UnionPay has made substantial progress in the region. Now, UnionPay is present in 13 countries in Latin America, covering 1,150,000 merchants and 75,000 ATMs. UnionPay is increasing its investment in the region. Mr. Ge also introduced UnionPay’s experience of participating in the building of the local bankcard switch network in Laos and Thailand, and expressed his willingness to cooperate with Inter-American Development Bank in payment infrastructure construction, so as to jointly support the upgrade of payment industry in the region.

Mr. Moreno said, UnionPay has remarkable advantages in its network, products and services. In addition, its innovative payment products and services are well received among partner institutions and cardholders. The UnionPay card has become a significant bridge between Latin America and China. He invited UnionPay together with UnionPay’s partners in Latin America to attend the China-Lac Business Summit, taking the summit as a platform to promote in-depth cooperation between UnionPay and the local institutions. The 11th China-Lac Business Summit will be held in Uruguay at the end of this November.

It is quite convenient to use UnionPay cards in Latin America, with UnionPay’s acceptance network covering most popular scenic spots, stores, duty-free shops and restaurants in the major cities and tourist attractions. UnionPay is also accepted at 90% of merchants in Peru, as well as 70% of merchants in Brazil and Ecuador. About 90% of ATMs in Mexico accept UnionPay cards for cash withdrawal.