Vietnamese bank to team up with China Union Pay

The Eastern Asia Bank (EAB) in Vietnam has just signed a card facilitation agreement with Shanghai-based China Union Pay, under which Chinese card holders can access automatic telling machines (ATMs) in Vietnam and vice versa, the local bank said Monday in Hanoi.

From mid-September, the EAB's Vietnam Bank Card service will be linked with China Union Pay's card network, allowing Chinese visitors who hold credit or debit cards issued by the Chinese group to use the service such as making payment and withdrawing cash from ATMs in Vietnam. Vietnamese visitors to China will enjoy a similar service.The EAB, which has issued a total of 100,000 debit cards, plans to issue an additional 200,000 cards this year. Its copartner China Union Pay is now the largest card network in China with 152 affiliated banks and 815 million cardholders.

In 2002, China Union Pay was set up by more than 80 financial institutions to provide a national electronic payment and interchange network to enable interoperability and encourage the further development of the bankcard industry.

Source: Xinhua