President of China UnionPay Shi Wenchao (left) met with President of National Bank of Tajikistan Jamshed Nurmakhmadzoda (right) in Dushanbe

After taking part in the construction of bankcard switch network in Laos and Thailand, UnionPay will participate in building a payment network in Tajikistan too. The other day, President of China UnionPay Shi Wenchao met with President of National Bank of Tajikistan Jamshed Nurmakhmadzoda in Dushanbe. The two reached an agreement on UnionPay’s role in building the local bankcard switch network. Meanwhile, UnionPay International has inked a MOU on the construction of switch network with three banks in Tajikistan, namely, Spitamen, Eskhata and IBT.

In November 2015, UnionPay assisted Laos in successfully building its national bankcard payment system. In February 2016, UnionPay International formed a joint venture with major banks in Thailand to establish the Thai Payment Network (TPN), based on which Thailand then created its own debit card brand, TPN. In addition, UnionPay International is taking active part in the payment industry infrastructure construction in countries where condition allows, paying special attention to markets along the Belt and Road.

Shi Wenchao said, since its establishment in 2002, UnionPay has not only realized the interconnection and interworking of China’s bankcard industry, but also built up a comprehensive set of bankcard technology, standards, systems and rules. Now, bankcard has become the Chinese people’s major way of payment, and the penetration coefficient of bankcard in China is about 50%. UnionPay is willing to share its experience to assist Tajikistan in updating its payment network, reducing cash payment, developing innovative payment products and enhancing financial service capacity. With the support of the National Bank of Tajikistan, UnionPay will push forward the project with the local commercial banks to jointly build a switch network to promote the upgrading of Tajikistan’s payment industry and realize financial inclusion.

Jamshed Nurmakhmadzoda said, Tajikistan hopes to draw on the experiences of UnionPay to accelerate the development of non-cash payments, which will have positive impact on the country’s bankcard industry. Therefore, it is crucial to build a digital payment network. The National Bank of Tajikistan aims to use bankcards to pay pensions and wages to the civil servants. We expect that the local switch network will provide high-quality payment services and support payment innovation.

In Tajikistan, UnionPay cards can be used at some ATMs and merchants. Over the past few years, the National Bank of Tajikistan has made unremitting efforts to promote e-payments. The local banks also have great demands for bankcard cross-border switch, local card issuance and innovative payment. All parties intend to improve the country’s financial infrastructure by upgrading the bankcard switch network. With the support of the National Bank, UnionPay International inked a MOU on the construction of the local switch network with Spitamen, Eskhata and IBT, and the parties will jointly accelerate the implementation of the cooperation project.