China UnionPay Chairman Su Ning（Left 4th）, UnionPay International CEO Cai Jianbo（Right 3rd）, and Shinhan Card President Lee Jae Woo（Left 3rd） jointly attend the signing ceremony
May 27 – UnionPay International and South Korea’s biggest issuer Shinhan Card Co., Ltd. (hereinafter referred to as “Shinhan Card”) jointly announce in Shanghai the issuance of the first UnionPay signature-based debit card and UnionPay platinum credit card in South Korea in hope of further diversifying the UnionPay cards products in South Korea and providing more choices of payment tools to local residents. China UnionPay Chairman Su Ning, UnionPay International CEO Cai Jianbo, and Shinhan Card President Lee Jae Woo jointly attend the signing ceremony.
As a premium credit card, UnionPay platinum card provides a variety of card-using rights and interests and fully upgraded services to Korean cardholders. UnionPay signature-based debit card has been designed in compliance with the international practices and based on the broad network coverage, safety and affordable service and other advantages of UnionPay debit card. The card can be used on both the signature-based acceptance network and the PIN-based network, making it possible for cardholders to better enjoy the service offered via the UnionPay global acceptance network.
Currently, UnionPay cards have been accepted by all signature-based merchants in South Korea and Iceland, over 50% of merchants in the US and lots of signature-based merchants in many markets including Hungary and Japan. UnionPay’s signature-based acceptance network is rapidly expanding. In the meantime, to effectively safeguard card-using security, UnionPay International, according to international rules, has joined hands with all parties concerned at home and abroad to take many measures including risk monitoring, unusual transaction warning, transaction control, issuing bank SMS notice, etc.
Chairman Su Ning says it has been the persistent objective of UnionPay to provide cardholders at home and abroad with excellent, convenient and affordable services. South Korea is an important overseas market of UnionPay. UnionPay International always keep a good corporative relationships with Shinhan Card. He hopes UnionPay International can constantly optimize the local card-using environment through strengthened cooperation with Shinhan Card institutions. To cater to the market demands, UnionPay International is also required to enrich and improve UnionPay card products and services and better support local cardholders for local purchases and cross-border payment.
President Lee Jae Woo says, this cooperation with UnionPay International to issue signature-based debit cards and premium credit cards is a result of bilateral efforts to meet customer demands. He believes that the status and popularity of UnionPay card in South Korea will be further enhanced. In the future, Shinhan Card will co-work with UnionPay International to provide customers more products and services catering for market demands.
The convenient UnionPay card-using environment in South Korea has promoted the rapid increase in the issuance of UnionPay cards locally. Currently, UnionPay cards are widely issued by the mainstream issuers in South Korea. A total of 7.6 million UnionPay cards accumulatively issued by these institutions have been frequently used in dozens of countries and regions including South Korea and China. UnionPay cards have gradually become a bank card brand welcomed by Korean consumers.