Banking

China UnionPay expands bankcard business in Taiwan

(Xinhua)
Updated: 2011-03-23 10:34

BEIJING - China UnionPay Co Ltd (CUP), a bankcard services provider, said Tuesday it has reached an agreement with Taiwan-based Chinatrust Commercial Bank (CTCB) that further expands the acceptance of CUP bankcards by merchants in Taiwan.

CUP cards will be accepted by 10,000 point-of-sale (POS) machines of the CTCB within this year, up sharply from the current number of 1,000merchants, according to the agreement.

The agreement also enables CUP bankcard holders from the Chinese mainland to pay for taxi fares in Taiwan through POS machines installed in Taiwan Taxi Company cabs.

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CUP boosted its cooperation with financial institutions in Taiwan after making a deal in August 2009 with Taiwan Financial Information Service Co Ltd which led to automatic teller machines (ATM) of 18 Taiwan banks, or 64 percent of the island's total, accepting CUP bankcards.

CUP bankcards can now be used at Taiwan's airport tax-free stores, convenient stores, shopping malls and scenic spots.

Some 1.16 million mainland tourists visited Taiwan last year, a year-on-year increase of 92.6 percent. The mainland had become the largest source of tourists for Taiwan, according to the State Council's Taiwan Affairs Office.