China's Payment Card Advances in EU
China's payment card advances in the European market as Portugal’s private bank Millennium BCP and China’s national electronic payments clearing system signed an agreement to develop their mutual businesses today that will make Millennium become the first non-Chinese issuer of UnionPay cards in Europe, according to China Fosun, which invested in he Millennium since 2016.
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. UnionPay allows the growing 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.
- APMR News