Credit and debit cards issued by member banks of the China UnionPay (CUP) are accepted in Singapore now for purchases and cash withdrawal.
CUP cardholders may access about 800 ATMs with the logo of the Network for Electronic Transfers Singapore (NETS) and withdraw Singapore dollars equivalent up to 5,000 yuan RMB daily. They may also pay for purchases, accommodations and transportation with their cards through POS devices in the city state.
At the launching ceremony on Tuesday, Poh Mui Hoon, Chief Executive Officer of NETS, CUP's Singapore counterpart, said the deal will provide NETS, as well as its merchants and shareholder banks with access to more than 30 million cardholders, which is almost 75 times greater than the entire local market.
"NETS is proud to be facilitating a new service to Singapore merchants in a groundbreaking deal that will make Singapore the first country in the world to accept China bank cards for purchases and cash withdrawals outside their home country," said Poh.
The launch of CUP card acquiring in Singapore is the first time for bankcard issued by domestic Chinese banks to be used out of Chinese territory in true sense, according to Xu Luode, director-general of Payment Department of the People's Bank of China.
The CUP initiated its card services in Hong Kong and Macau Special Administrative Regions in January and September last year respectively.
NETS is now working closely with CUP to further develop their arrangements so that NETS cards can be accepted in China by the end of the second quarter of this year.