China UnionPay has launched its first prepaid card in Suriname and Latin America in collaboration with De Surinaamsche Bank.
Go deeper with GlobalData
De Surinaamsche expects to issue the UnionPay credit cards by the second quarter of 2015, reports China Daily.
The new venture will allow UnionPay to test their business model in a country, which is more used to handling cash and will offer the people of Suriname with convenient options.
Alfred Nader, head of Latin America and the Caribbean at Western Union Business Solutions, told China Daily: "By offering a prepaid card, they’re essentially kicking the tires in that country and conducting an experiment within the payments world.
"Offering a prepaid solution could also be the first time that some of the citizens of Suriname are experimenting with a tool other than cash. If it works out you can go to Guyana to the West and French Guiana to the East. Perhaps you could start to experiment in the larger cities in Northern Brazil, which are figuratively a stone’s throw away."
