On August 12th, China Unionpay and LINK, the only national ATM network in UK, jointly held a ceremony to announce the acceptance of China Unionpay (CUP) Card at all ATMs in LINK network. This cooperation marks the acceptance of CUP Card at all ATMs in UK and it is another milestone of China Unionpay’s global acceptance environment construction as well as the global ATM network construction. Cai Jianbo, Vice Standing Director of China Unionpay, Edwin Schooling Latter, Chief Executive Officer of LINK Network and Zhang Lirong, Minister and Counselor of Chinese Embassy in UK attended the ceremony. Chen Jingming, Vice Standing Director of the Credit Cards Center of Agricultural Bank of China, Wang Yunchao, Assistant Director of the Credit Card Center of the Bank of China, Jiang Zhichun, Vice General Manager of the Credit Card Center of China Construction Bank and Liu Lizhi, Vice General Manager of the Personal Finance Department of China Bank of Communication were all invited to attend the ceremony.
LINK Network is the first British financial institution cooperated with China Unionpay, possessing 46 membership institutions and it is the unique national transaction network throughout UK with 64,000 sets of ATMs, occupying 99.9% of all ATMs in UK.
This cooperation will bring great convenience for CPU cardholders who travel, study and do business in UK. From now on, they will be able to withdraw money from almost all British ATMs. Furthermore, pound withdrawal and RMB debit will be achieved directly based on the intraday exchange rate. This will not only lock the fluctuation risk of exchange rate, but also save the currency transfer fee up to 1% to 2% of the total transaction amount.
In recent years, communications of the people and exchanges of commerce and trade between UK and China are further developed. Every year, about 150 thousand citizens do business and travel in UK and about 100,000 students study in UK. According to the statistics of UK Trade and Investment, China’s Foreign Direct Investment (FDI) in UK has ranked among the top ten foreign investment countries. With the approaching of 2012 London Olympic Games, it is estimated that more and more Chinese citizens will go to UK.
In the opening ceremony, Cai Jianbo, Vice Standing Director of China Unionpay, expressed that the cooperation with LINK enables Unionpay acceptance network to cover the whole UK, which will be very beneficial to enhance the communication of people and exchange of business and trade between UK and China. China Unionpay will continue to work together with LINK to provide better, safer and more efficient service for Unionpay cardholder who will go to UK. Cai Jianbo pointed out that China Unionpay has expedited the coorporation with foreign merchants and the construction of acceptance environment. With the opening of LINK Network, the total number of ATMs accepting CUP Card reaches 850,000 sets, making China Unionpay one of the largest influential ATM network in the world. China Unionpay will further strengthen its global cooperation with the goal to make China Unionpay a relatively influential international bank card organization and make CUP card a world-class bank card brand. It will not only provide Chinese, but also foreigners with better, safer and more efficient payment service.
Edwin Schooling Latter, Chief Executive Officer of LINK Network, said that LINK was very glad to cooperate with China Unionpay to open its network to billions of Unionpay cardholders, which will not only give convenience to those who come to UK for business, study and the 2012 London Olympic Games, but also bring new customers to LINK Network and its membership institutions, promoting positively the development of the bank industry in UK
With the speedup of China Unionpay’s globalization, its international acceptance network has taken initial shape. Currently, 62 countries and regions have accepted CPU Card. In addition, China Unionpay will actively promote the issuance of Unionpay Standard Card by off-shore institution to provide convenience for foreigners who work, travel and study in China. At present, there are nearly 50 financial institutions of 8 countries and regions have issued CPU Standard Card of local currency.