With its continuous improvement in the acceptance network and service capability, UnionPay has been deepening its localized business development in overseas markets. Nearly 170 million cards have been issued, of which over 70% were delivered in the Belt and Road markets. In addition to the extensive card issuance cooperation with major commercial banks, UPI has also rolled out co-branded cards in partnership with switch networks in almost 10 countries, including Thailand, Mongolia, and Uzbekistan. This allows home-grown card products in these countries not only to be accepted by local merchants but also transact on UnionPay’s global network, facilitating the exchanges between China and the countries along the Belt and Road.
Dr. Jorgovanka Tabaković, the Governor of the NBS, said that the launch of the co-branded card has further enhanced the service capability of DinaCard and will benefit all residents of Serbia. This project is another testimony to the friendship and mutually beneficial cooperation between Serbia and China, and the partnership will undoubtedly be more fruitful in the future.
As one of the first countries to participate in the Belt and Road Initiative, Serbia has enjoyed deepened cooperation with China in the payment industry. In 2018, UPI signed an agreement with the NBS for DinaCard and its member institutions to adopt the UnionPay chip card specifications as the technical standard for card acceptance and issuance. Based on this agreement, UnionPay has teamed up with a number of key partners and is gradually promoting full acceptance of UnionPay cards in the country.
The Postal Savings Bank Belgrade is taking the lead in issuing UnionPay-DinaCard products by gradually replacing its remaining DinaCard single-branded cards with dual-branded cards. The product is the first in Serbia to include features such as online payment and tap-and-go payment, enabling local residents to enjoy safe and easy payment services during the COVID-19 outbreak.
At present, the UnionPay card acceptance network has been extended to 180 countries and regions, covering nearly 64 million merchants. More than 80% of the countries and regions participating in the Belt and Road have enabled UnionPay acceptance, with the coverage exceeding 90% in Asia Pacific and reaching 80% in Europe and 70% in North America. According to a report by RBR, a leading UK consultancy, UnionPay has become the most widely accepted card brand in the world.