UnionPay International Middle East Branch and Bank Albilad hold a signing ceremony in 27 June 2022 with VP of UPI, Larry Wang, attending the signing ceremony together with Bashar Alqunaibit , Executive Vice President of Businessof BAB.
RIYADH, Saudi Arabia, July 21, 2022 /PRNewswire/ -- UnionPay International Middle East Branch (UPI) recently expanded its acceptance in Saudi Arabia thanks to a cooperation deal with Bank Albilad (BAB), one of the Kingdom's largest shariah compliant Islamic banks. BAB is UnionPay's fifth partnership in the country and the first to sign up since 2018, giving UPI customers full access to all BAB's points of sale (POS), ATMs and online merchants moving forward.
Coverage of UnionPay card POS terminals in Saudi Arabia currently stands at around 50 percent and ATMs at approximately 68 percent. The new cooperation deal continues to expand acceptance of UnionPay cards in the country, providing services to more local merchants and cardholders. At the same time, UnionPay's services will now for the very first time be open to a large cohort of online merchants in Saudi Arabia. This cooperation will not only enable cardholders to enjoy the convenience of online shopping and merchant growth, but also contribute to the expedited development of e-commerce, digital technology and innovative solutions, helping the country to achieve its landmark "Saudi Vision 2030" national development project.
The majority of countries in the Middle East already accept UnionPay cards on a large scale. Among them, market coverage of POS terminals in the UAE and Pakistan is close to 100 percent, and over 95 percent in Turkey. In addition, UnionPay is actively expanding mobile payment acceptance to bolster local governments in building a truly cashless society. Currently, UnionPay's contactless payment market acceptance covers over 90 percent in various countries and regions throughout the Middle East, with QR code acceptance covering the totality of the market. Through continuous product improvement, UnionPay offers a safe, convenient, and flexible mobile payment experience for local cardholders and users.
About UnionPay International
UnionPay International (UPI) is focused on the growth and support of UnionPay's global business. In partnership with more than 2500 institutions worldwide, UnionPay International has enabled card acceptance in 180 countries and regions with issuance in 75 countries and regions. UnionPay International provides high quality, cost effective and secure cross-border payment services to the world's largest cardholder base and ensures convenient local services to a growing number of global UnionPay cardholders and merchants.