UnionPay card and e-wallet product debut in Bangladesh
2018-11-19
UnionPay International announced today that it has reached collaboration in card issuance and mobile payment with Mutual Trust Bank (MTB), a major bank in Bangladesh. The two will jointly issue the first UnionPay card in the country and also carry out cooperation in QR code payment, e-wallet product and digital card issuance business; thereby, UnionPay will become the first international bankcard association to launch QR code payment, virtual card and e-wallet in Bangladesh. Cai Jianbo, CEO of UnionPay International, Md. Hedayetullah, Chairman of MTB, and Anis A. Khan, Managing Director and CEO of MTB, attended the business launching ceremony.
Bangladesh is a “young country” where half of its 160 million population is under the age of 24. Over 95% of the local consumption is made with cash, and the local customers have great demand for safe, convenient and innovative payment services. Since the proposal of the Belt and Road Initiative, the bilateral exchanges between China and Bangladesh become increasingly frequent. Now, over 100,000 Chinese are working in Bangladesh, driving up the demand for cross-border payment services.
“UnionPay International and MTB are jointly providing more diverse payment services to customers in Bangladesh through physical card issuance, e-wallet development and digital card issuance, pushing the localization of UnionPay’s business in the country.” said Mr. Cai Jianbo. In answering to the development trend of payment industry, UnionPay International continues to explore new business expansion modes in recent years. Now, its innovative payment products have become an important propeller to its network expansion and business localization outside mainland China.
UnionPay International and MTB are now deepening their collaboration to achieve three major business progresses. Firstly, the two parties will jointly issue 100,000 UnionPay debit cards which can be used in UnionPay’s global network. Secondly, 100,000 local merchants will be enabled to accept UnionPay QR code payment, covering fields of public transportation, retail, restaurants and public utility. Thirdly, the two will jointly develop MTB’s e-wallet product based on UnionPay’s technical standards and provide UnionPay’s QR code payment service for local customers through digital issuance of UnionPay cards.
Mr. Anis A. Khan said, in recent years, China's investment in Bangladesh has been increasing, and more and more local enterprises and individuals are visiting China. Cooperating with UnionPay International brings new payment options to the Bangladesh residents. Meanwhile, we are happy to learn from the technology and experience of UnionPay in developing and promoting mobile payment services, so as to bring innovative payment services to our merchants and customers.
To date, UnionPay cards are accepted at merchants most frequented by tourists and ATMs most frequented by tourists. Through extensive collaboration with multiple local institutions, UnionPay is expected to reach 100% merchant acceptance in two years.
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