China Unionpay extends its card issuing business in Central Asia

Unionpay As it became known Wednesday, Tieto Card Suite, a payment card solution for issuing, acquiring, processing, clearing, settlement and fraud management used by banks and large payment card transaction processing centers in 34 countries worldwide, has developed an interface to the system of the China Unionpay (CUP) payment card association. CUP provides its members with the ability to reliably issue its payment cards.

The first Tieto Card Suite customer that has been certified to issue China Unionpay cards is Uzbekistan Ipak Yuli Bank. The issuing of CUP cards in Uzbekistan became an important arrear in Central Asia and has created an effective model for developing CUP’s business in other countries in the region. Moreover, over the last years trading volumes between China and Central Asia have been growing rapidly. CUP also continues examining the Central Asian markets, targeting to provide an even more convenient card service to their card holders who visit the region.

Thus, traveling abroad Uzbeks can enjoy the convenience of using CUP cards in 26 countries and regions, including Hong Kong, Macau, Japan, Korea, Germany, France and Australia.

Dilmurod Fayzullaev, Head of Card Business at Ipak Yuli Bank reported “Ipak Yuli is the first Uzbek bank to issue the payment cards of China Unionpay. This banking product has great potential among the entrepreneurs of the Republic of Uzbekistan who conduct business with China."

In turn, Maris Ozolins, Head of Cards, Tieto Financial Services stated that Ipak Yuli Bank lets Tieto continue its expansion into the financial market in Central Asia. Moreover, Tieto is establishing itself as a leading payment card provider in the region, with existing customers and a market presence in Kazakhstan, Kyrgyzstan and Uzbekistan.

Comments are closed.