UnionPay International, a wholly-owned subsidiary of China UnionPay, has partnered with Russian lender Sberbank to enhance its card acceptance in Russia.
As part of the deal, the two entities will enable all Sberbank ATMs to accept UnionPay cards by the end of June 2017, as well as allow all the merchants subordinate to the bank to accept UnionPay in the next three years.
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The partnership is expected to increase UnionPay’s acceptance coverage at ATMs and merchants in Russia to nearly 80% by the end of the year from the present 30% and 50% respectively.
Initially, the bank will enable vendors in Moscow, St. Petersburg, Vladivostok to accept UnionPay, which will cover department stores, brand stores, hotels, restaurants and supermarkets.
Currently, UnionPay cards are accepted at about 340,000 POS terminals and 41,000 ATMs in Russia. Also, UnionPay mobile QuickPass is expected to support 50,000 POS terminals in Russia by the year end.
UnionPay said: “The cooperation is of great significance: Firstly, it marks a breakthrough in UnionPay’s acceptance network in Russia, providing payment convenience for visitors and encouraging more local residents to apply for and use UnionPay cards.
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By GlobalData“Secondly, the comprehensive launch of UnionPay business by the largest bank may promote more local banks to follow suit. Thirdly, the cooperation not only meets the payment demand brought by Sino-Russia personnel exchanges, but also offers better payment service to customers along the Belt and Road.”
In April 2017, UnionPay joined forces with BPS- Sberbank to expand its card acceptance in Belarus.
