SHANGHAI, China, Aug. 19, 2015 /PRNewswire/ -- UnionPay International and Thailand Bankers Association signed the Chip Card Standard License Agreement in Bangkok on August 18. According to the agreement, the chip card standard of UnionPay will be introduced to the local banks as the standard of Thailand's banking industry. Thailand has become the first overseas nation which adopts UnionPay standard as its local uniform chip card standard.
In 2014, with the review of Thailand Bankers Association and major commercial banks, UnionPay chip card standard became the recommended standard for acceptance and card-issuance for Thailand's banks. Today, the signing of the standard license agreement between UnionPay International and Thailand Bankers Association shows that China has achieved a significant breakthrough in independent financial technology as well as standard export. Furthermore, it will push forward nationwide chip migration of debit cards and ATM cards in Thailand.
According to Ge Huayong, Chairman of UnionPay International, on the occasion of the 40th anniversary of diplomatic relations between China and Thailand, the signing of the license agreement is a milestone for financial cooperation between China and Thailand as business cooperation between UnionPay and Thai banks is upgraded to technological standard cooperation. UnionPay chip card standard is compatible with the international EMV standard. Through this cooperation, Thailand's banking industry achieves the upgrade from the magnetic strip to the chip and compatibility with the international standard, which lays a solid foundation for innovative application and value-added services, and constantly optimizes the experience of the cardholders.
According to Kobsak Duangdee, Secretary General of Thailand Bankers Association, the chip card standard program in Thailand follows the Thai Central Bank's strategy of accelerating the upgrade of bank card industry. The UnionPay chip card standard is chosen after stringent review and extensive industrial consultation. It is believed that this will promote the development of the bank card industry in Thailand.
Now, UnionPay cards are accepted by nearly all ATMs and about 70% of merchants including large department stores, airports and downtown duty-free shops, 7-11 convenience stores, chain supermarkets, dining hotels and tourist attractions in Thailand. The other ASEAN members have also enabled the acceptance and issuance of UnionPay cards. The local residents in Singapore, Malaysia and Thailand use UnionPay cards frequently in their daily purchase as well as their international travel.
For more information: http://www.unionpayintl.com/
SOURCE UnionPay International