UnionPay enters new market in Central Asia

UnionPay accepted in Armenia for the first time

UnionPay enters new market in Central Asia. Source: shutterstock.com

UnionPay International announced that it has entered into cooperation with ACBA to enable UnionPay acceptance at merchants and ATM terminals of ACBA, realizing the acceptance of UnionPay cards in Armenia for the first time. With this collaboration, UnionPay acceptance footprint extends to 177 countries and regions.

So far, the UnionPay card acceptance rate in Central Asia and Transcaucasia is about 70%. In Kazakhstan, UnionPay has achieved 100% acceptance, and in Uzbekistan and Georgia, the UnionPay acceptance rate has reached 80%. Based on its expanding acceptance network, UnionPay has enabled card issuance in 6 countries in the region. In Kazakhstan, 1.8 million UnionPay cards are issued, and in Uzbekistan, UnionPay card has been the payroll cards for the local residents. Furthermore, UnionPay mobile payment has been launched in this area. In Kazakhstan and Georgia, users of the UnionPay app can scan QR code to pay at many merchants.

Central Asia and Transcaucasia is a core region along the Silk Road Economic Belt. The acceptance of UnionPay cards in Armenia improves UnionPay service capability in the region and contributes to the interconnection and interworking of payment network along the Belt and Road.

In accordance with the agreement, ACBA will enable all of its merchants and ATMs to accept UnionPay cards within half of a year, covering airports, shopping centers, restaurants and hotels, to meet the payment demands of tourists visiting Armenia. It is anticipated that, the overall acceptance rate of UnionPay cards in Armenia will exceed 50% within 2020.

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