UnionPay International, an international payment system providing cross-border payment services to the world’s largest cardholder base global payment card issuer, is coming on the Ukrainian market. On 12 November, the Committee on Banking Supervision and Regulation, Payment System Monitoring (Oversight) of the National Bank of Ukraine (NBU) approved operational terms and conditions for the company in Ukraine.
At the first stage the payment system UnionPay International will provide acquiring services, payouts and payments for goods and services forUnionPay cardholders.
Later the issue of UnionPay payment cards by Ukraine’s banks is expected.
Please be reminded that during a July meeting of NBU Governor Yakiv Smolii and First Deputy Governor Kateryna Rozhkova with the President ofUnionPay International Shi Wenchao the parties confirmed mutual interest to continue cooperation. Among other things, the discussion was focused on regulatory procedures for UnionPay International’s coming on the Ukrainian market and aspects of a possible cooperation of the Chinese payment system with the National Payment System PROSTIR.
Also, Yakiv Smolii was confident that operation of UnionPay International in the financial market of Ukraine would foster trade and economic relations between the two countries.
The newcomer payment system will be the driver for improving the quality of financial services and developing the payment system market in Ukraine. The leading world player coming on the market once again proves Ukraine to be lucrative and promising for investors.
UnionPay International became the fourth international card payment system in Ukraine with a nonresident payment organization.
To view the list of all payment systems recorded in the Register of Payment Systems, Settlement Systems, Participants thereof and Payment Infrastructure Service Providers follow the link.