Global Payments has signed a deal with China
Union Pay, China’s domestic card brand, to become the first foreign
merchant acquirer to gain access to the Chinese market.
The deal means Global Payments Asia-Pacific, a
joint venture between Global Payments and HSBC, will be able to
process domestic and international card transactions for Chinese
merchants.
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Global Payments already has an agreement with
China Union Pay (CUP) to build acceptance of its cards outside of
China, as the Chinese brand attempts to take on Visa and
MasterCard. Access to the domestic Chinese market further
underlines Global Payments’ position as one of the few truly global
merchant acquirers.
Merchants that sign up to use the company’s
services will have access to one point of sale device to accept
MasterCard, American Express, JCB and now CUP-branded cards.
“As China’s economic development continues its
rapid growth, payment transactions among Chinese and foreigners
travelling to China will continue to increase significantly,” said
Global Payments chairman and chief executive Paul Garcia.
“Merchants in China will have increasing
demand for more efficient payment solutions to provide better
payment experience for consumers. Therefore, we are delighted
to be the first foreign payment card processor to enter the
domestic card processing market in China in partnership with
HSBC.”
Global Payments was awarded Cards
International’s Merchant Acquirer of the Year Award earlier this
year at our Cards and Payments Europe event in Madrid.
