UnionPay International (UPI) announced today that it has partnered with AmBank, one of the major commercial banks in Malaysia, to issue UnionPay Platinum Credit Cards on a large scale. This is the first UnionPay credit card issued by a Malaysian local bank. It is expected that the number of this Platinum credit card will account for 20% of all credit cards issued by AmBank in 3 years.
In recent years, UPI continues to accelerate its business localization in Southeast Asia. A total of about 30 million UnionPay cards have been issued accumulatively in 10 ASEAN member states, including debit card, credit card, premium card, travel card, and business card, meeting the diverse demands of various customers in different markets. Data show that, in 2019, 90% of the transactions made with Southeast-Asia-issued UnionPay cards are conducted in Southeast Asia, demonstrating that UnionPay card has become an important payment choice for local residents.
In Malaysia, UnionPay has reached acceptance coverage of 90%. Based on its extensive acceptance, UPI is expanding its service to local residents through card issuance partnerships with Public Bank Berhad, Bank of China and Industrial and Commercial Bank of China. In addition, UnionPay International has reached cooperation with local communication groups including U Mobile and Axiata to provide convenient UnionPay mobile payment services for local residents through digital card issuance via local e-wallets.
Now, UPI and Ambank plan to jointly issue a large number of UnionPay platinum credit cards to further enhance their service capability for residents in Malaysia. This card product is equipped with ample value-added services and premium card privileges such as global concierge, hotel reservations, and global assistance. Some services are launched for the first time in Malaysia. For example, cardholders could access to VIP Lounge in Pavilion Kuala Lumpur, which is the first VIP lounge launched by a bankcard organization in shopping malls in Malaysia. Next, the two parties will cooperate in the field of mobile payment: UnionPay cards will be able to be bound to the e-wallet to be launched by AmBank.
In Laos and Myanmar, UnionPay ranks No.1 among all bankcard organizations in terms of card issuance. In Thailand, UnionPay cards are issued by seven local institutions Bangkok Bank. In Indonesia, the largest local bank BCA is planning to issue UnionPay Platinum cards. In Manila, the Philippines, UnionPay card has become the citizen card to promote financial inclusion in the country.