Of Special Interest
5th August 2011
Elavon to accept China Unionpay cards
Elavon has signed a binding agreement to accept China UnionPay (CUP) cards throughout its network. The introduction will initially include China UnionPay credit and debit cards in the US and Europe along with credit cards in Canada. CUP cards will be later introduced to the Elavon South American network.
The Elavon network already accepts American Express, Discover, MasterCard and Visa cards.
CUP has 2.6bn cards worldwide and China is expected to overtake the US as the largest market for cards by 2020. Currently all cards issued in China and billed in Renminbi/ Yuan can only be issued through CUP. `CUP has made various agreements with merchant acquirers in different countries to date however this is by far the most significant.
"We are pleased to cooperate with Elavon," said Mr. Ruode Xu, president
of UnionPay. "We believe that their vast merchant base and excellent
quality of service will help drive global acceptance of China UnionPay."
Elavon's President and CEO, Mike Passilla, said, "Elavon is elated to
support the expansion of China UnionPay card acceptance while promoting
their international brand and supporting new opportunities to serve
Chinese travelers - one of the fastest growing segments of the tourism