UnionPay International to expand activities in country

By Azernews

By Leman Mammadova

Financial Market Supervisory Authority (FIMSA) of Azerbaijan has discussed possibilities of experience exchange with UnionPay International (UPI) payment system at a meeting with the company representatives.

The parties discussed the expansion of UPI activities in Azerbaijan, products and services that the company will offer in the Azerbaijani market, as well as the application of innovative technology tools in the field of cashless payments.

Moreover, the prospects for further cooperation in the exchange of experience in the development of cashless payments, and improvement of the knowledge and skills of banking specialists in this field were discussed.

UnionPay International is a subsidiary of China’s UnionPay focused on the growth and support of UnionPay’s global business.

UnionPay is the largest card payment organization in the world in terms of payment transactions, schemes and number of cards issued, ahead of Visa and MasterCard. The company was established in 2002 as an interbank association of banks at the initiative of the State Council and the Central Bank of China.

In addition to Chinese banks, UnionPay cards are issued by some banks in Thailand, Kazakhstan, South Korea, Pakistan, Singapore, Russia, Japan, Malaysia, Indonesia and the Philippines.

Currently, UnionPay card acceptance network has expanded to 174 countries. The company entered the Azerbaijani market in 2016 and closely cooperates with the International Bank of Azerbaijan, AtaBank and the AzeriCard processing center.

In the first half of 2019, the share of non-cash payments in the total card turnover in Azerbaijan rose to 20.1 percent, compared to 15.7 percent of the same period last year.