The agreement outlines the intention for the two companies to cooperate around the issuance of UnionPay branded cards in Italy and the expansion of UnionPay’s activities into other European countries (Bulgaria, the Czech Republic, Croatia, Serbia, and Bosnia and Herzegovina). The new agreement will broaden the range of payments products that UniCredit makes available to its customers.
The cooperation between the two companies dates back to 2013. To date, UnionPay is accepted in Italy at all UniCredit ATMs and its entire merchant network of over 200,000 point of sale (POS) terminals. In 2018, UniCredit enabled contactless payments on its POS terminals for UnionPay cardholders, while in 2019 the bank plans to enable its online merchants to accept UnionPay. In 2017, UniCredit and UnionPay began their international cooperation outside of Italy through an acquiring agreement with UniCredit’s Turkish subsidiary.
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