UnionPay International has inked an agreement with Ukraine-based PrivatBank to expand the acceptance of its cards to the country.

By next year, UnionPay cards are estimated to be accepted at 60% of point-of-sale (PoS) terminals and nearly 40% of ATMs across Ukraine.

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Under this agreement, the partners will work to make all PrivatBank terminals accept UnionPay cards within the next year.

The move is intended to allow UnionPay card users make payments at various retailers such as hotels, shopping malls, supermarkets and restaurants in major cities, including Kiev, Dnipro and Odessa.

In addition, cardholders will be able to withdraw cash at ATM terminals.

Furthermore, the companies will locally issue UnionPay cards and jointly launch UnionPay payment products in order to support the upgrade of the local payment industry.

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China UnionPay president Shi Wenchao said: “The cooperation between the two parties will achieve a significant breakthrough in the acceptance and issuance of UnionPay cards as well as the promotion of UnionPay innovative payment products in Ukraine, and thereby helps realise smooth payment between China and Ukraine.

“UnionPay has accumulated rich experience in innovative payment development, smart city construction, financial inclusion, and is willing to participate in the development of the payment industry in Ukraine in diverse ways, while providing UnionPay cardholders with more safe and smooth payment services.”