VTB Group has launched a project aimed at distributing China UnionPay services. The first VTB24 ATMs, a VTB Group retailer, have been switched to web-services of the Chinese processing company.
In late 2009, VTB and China UnionPay signed an agreement to authorize the Bank to accept China UnionPay cards through ATM and POS-terminal networks of its partner banks. At the first stage the service will be implemented in all VTB24 ATMs and later it will be offered to banks participating in VTB sponsorship programs.
According to China UnionPay expert analysis of the prospects of the Russian market, the volume of operations with China UnionPay bank cards is expected to grow. In 2010-2012, together with the Bank, China UnionPay plans to create a wide infrastructure of ATMs and POS-terminals network. This will enable cardholders to withdraw cash, and pay for goods and services.
China UnionPay is a national processing company of China. Today, all financial institutions of the People's Republic of China issuing bank cards use the services of the company.
The number of issued cards is over 1.8 bln.
China Union Pay card holders in the PRC exceed 500 mln.
Card-issue leaders are The Bank of China, Agricultural Bank of China, China Construction Bank, and Commercial and Industrial Bank of China.
The number of ATMs and POS-terminals is more than 400,000.