China UnionPay (CUP) – has risen in competition with the major card associations. Gaining a footprint in the global market by stretching its reach outside of China, UnionPay is rising to meet the market’s need for another choice in payments. The China UnionPay network payment card, known as UnionPay was officially launched in 2003. Now that UnionPay has spanned into the global market, it has 20 subsidiaries and more than 400+ member banks worldwide. There are more than 3.2 billion UnionPay cards issued inside and outside mainland China.
With the expansion of international tourism, Asian expat growth and competitive fee structures, UnionPay is an attractive addition to payment selections offered by financial institutions. Issuers and acquirers are evaluating UnionPay in the payments market space as UnionPay gains significant acceptance in the industry. Along with its huge acceptance, UnionPay provides support for a variety of transaction models and payment channels. UnionPay offers support for traditional ATM and POS transactions, as well as contactless and mobile payment transactions.
As 1LINK looks towards the betterment of the payment industry of Pakistan, we strive to enable our member banks with new and innovative products. In our effort to reinforce this vision, 1LINK has signed two cooperation agreements with UnionPay International in January this year.
With this collaboration, 1LINK becomes the first entity in Pakistan to have direct membership with UnionPay as Third Party Service Provider (TPSP). In addition to this, 1LINK & UnionPay also entered into an acquiring agreement for 100% acceptance of UnionPay branded cards on all 1LINK ATMs. With this initiative, all 1LINK Member Banks automatically become UnionPay Acquiring Members and can accept international UnionPay Cards on their ATMs.