UnionPay International Works with the Top Four Banks in Thailand to Build the Local Bankcard Switching System
SHANGHAI, Feb. 25, 2016 /PRNewswire/ -- On February 24, UnionPay International, together with Thailand's top four commercial banks, announced that TPN (Thai Payment Network), Thailand's local switching network based on UnionPay technical standards, officially went live. Previously UnionPay IC card standard became Thailand's banking industry standard. Through the incorporation of a joint venture, UnionPay now offers the technical standard for building the bankcard switching system. China UnionPay Chairman Ge Huayong, UnionPay International CEO Cai Jianbo and TPN Chairman Shoke Na Ranong attended the launching ceremony. Buncha Manoonkunchai, Payment Systems Policy and Oversight Office Director of Bank of Thailand, was present with congratulations.
In 2012, the central bank of Thailand stipulated that all local interbank transactions made with local debit cards must be processed locally. Thereafter, the joint venture called TPN was founded in September 2014. Thailand has also planned to create an independent debit card brand TPN and issue UnionPay TPN cards, which will be conveniently used at the global UnionPay network.
TPN is one of UnionPay's successful attempts in exploring new ways of expansion in overseas markets by exporting its technical standard, taking advantage of its technology capability; UnionPay participates in payment infrastructure construction in these markets, integrating its technologies, products, services and brand influence.
The launch of TPN is of great significance: (i) it is a new breakthrough China made in exporting its self-developed financial technical standards and UnionPay became a model for Chinese enterprises "Going Global"; (ii) the cooperation between UnionPay and Thailand banking industry has upgraded from traditional bankcard cooperation to in-depth technical standard cooperation, laying a solid foundation for large-scale acceptance and issuance of UnionPay cards locally; (iii) TPN will help UnionPay make innovations on replicable business expansion models and accelerate its global business layout.
Chairman Ge Huayong said, "The construction of a local switching network is another milestone of China-Thailand financial cooperation. We will introduce our experience to Thailand to support the growth of local e-payment market, and will also promote bankcard payment in more fields. Supporting 'the Belt and Road' strategy, we will participate in the payment infrastructure construction and industry upgrading in overseas markets in a more flexible manner."
Currently, UnionPay cards are accepted at almost all ATMs and about 70% merchants in Thailand. Over 1 million UnionPay cards have been issued in Thailand and this figure keeps growing.
For more information: http://www.unionpayintl.com/
SOURCE UnionPay International
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