On June 23, China UnionPay President Xu Luode announced that as of the present, the network of ATMs outside of the domain of UnionPay cards has already extended into 45 countries and regions, and UnionPay cardholders can now use their cards without fees in 27 countries and regions outside the UnionPay domain.
As a guest at the "Xinhua 08 Financial Lectures" at Xinhua News Agency on June 23, Xu Luode announced that the structural development of China UnionPay's global network has seen breakthrough progress. The ATM network now basically covers the Asia Pacific, Europe and the Americas, Africa, and other countries and regions often visited by Chinese.
According to current understanding, at present UnionPay cardholders may not only make withdrawals from the 368,000 ATMs in 45 countries and regions outside the UnionPay domain, but they may also directly use their cards for expenses on nearly 200,000 POS machines in almost 150,000 businesses in 27 countries and regions outside the domain.
Furthermore, nearly 40 financial organizations in 6 countries and regions have already issued an estimated 2,700,000 standard UnionPay cards to local residents.
"The UnionPay card's entrance into the world beyond this country not only meets a great need for China UnionPay's development, but is also a necessary step for UnionPay cards to act as the brand of an independent Chinese bank engaging in international competition," Xu Luode said.
He said that Chinese outside the domain using their cards for expenses within the UnionPay network can directly exchange local currency and RMB without the risk of exchange rate fluctuations, and can save a total of 1-2% on the exchange fee, thus reducing the cost of use for Chinese cardholders outside the domain.
By People's Daily Online
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