UnionPay cards in Canada continue to grow
China’s largest bankcard brand – UnionPay – and Canada’s TD Merchant Services announced this month that they have entered into an agreement to accept UnionPay cards beginning later this year.
The two sides agreed to enable 100,000 merchants within a three-year period, maintaining UnionPay’s innovative payment methods, including contact-less payment with UnionPay chip cards.
Cai Jianbo, CEO of UnionPay International, Larry Wang, chief business development officer of UnionPay International, and Jeff van Duynhoven, president of TD Merchant Services, were at the signing ceremony in Shanghai on February 10.
“As the UnionPay network continues to expand in the overseas markets and the services keep improving, UnionPay cards have become outbound Chinese travelers’ first payment choice and are currently accepted by over 80 percent of the local ATMs and tens of thousands of merchants in Canada,” said Larry Wang.
“More than 400,000 Chinese tourists visited Canada last year and UnionPay cards provided them with convenient and secure services. TD’s businesses cover many regions in North America and we will deepen our cooperation to continue to expand the UnionPay card acceptance and provide cardholders with diversified payment services,” he said.
Song Qingrun, a researcher ofMyanmarstudies at theChina Institutes of Contemporary International Relations, said that China has never backed ethnic forces in combat against the Myanmar govern- ment, and that speculation about China’s role behind the scenes would only undermine mutual trust.
In another development, Hong said companies from China and Cambodia have been studying cooperation on hydroelectricity.
The remarks followed Cambodian Prime Minister Hun Sen’s announcement on Tuesday that construction of a mega-dam in southwestern Cambodia will not begin until 2018. China is the largest investor in developing hydroelectric plants in Cambodia, which faces electricity shortages. Some groups have claimed the dam will damage the environment.
Hong said, “We make it a requirement that relevant projects should meet Cambodia’s laws and regulations on environmental protection.”