Nov 19, 20171 min read

China's Payment Card Advances in EU

Portugal’s private bank Millennium BCP and China’s national electronic payments clearing system UnionPay today signed an agreement to develop their mutual businesses together that will make Millennium become the first non-Chinese issuer of UnionPay cards in Europe, according to Millennium's investor China Fosun.

UnionPay currently partners with more than 1,700 institutions around the world, with card acceptance in 162 countries and regions and issued cards in 42 countries and regions. More importantly, as leading bankcard scheme in China, UnionPay allows Chinese travelers to perform transactions overseas.

Under the agreement, Millennium BCP will obtain a UnionPay International Membership License, as issuer and acquirer of UnionPay cards in Portugal including other geographies where Millennium BCP and its affiliates are present.

China's Fosun owns 25.16% of Potugal's Millennium BCP. Connecting Millennium BCP and UnionPay is another step of Fosun’s global role to help connecting companies to China companies, according to the statement.