China-based UnionPay International (UPI) has partnered with Antigua and Barbuda-based NIBank for the issuance of cards in Latin American countries.
As per the agreement, NIBank will develop new payment platforms, including prepaid cards, under the UnionPay brand in Latin America.
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The agreement gives NIBank right to develop both physical and digital payment mechanisms.
NIBank chairman of the board Jordán Silva Tugues said: “This alliance demonstrates the commitment we have to support our customers through different payment solutions and allows us to meet the objective of offering better purchasing opportunities.”
UPI expects this agreement to broaden its client base in Latin America, while NIBank hopes to develop many payment mechanisms such as online and mobile payment, IC Card, mPos, and B2B payments.
NIBank in a press statement said that it has invested in technology platforms and commercial licenses that ensure the placement of the instruments.
UPI, a subsidiary of China UnionPay, is association with more than 1,800 institutions around the world. It facilitates card acceptance in more than 170 countries.
In January this year, payments firm Moorwand signed an agreement to issue UnionPay International’s prepaid corporate and consumer cards in the UK and across the European Economic Area (EEA).
