Bank of China, UnionPay issue dual-currency debit cards in Thailand

09:39, July 16, 2011      

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Bank of China (BOC), one of the big four state-owned commercial banks in China, has jointly launched its first UnionPay debit cards with the China UnionPay (CUP) in Thailand.

The debit cards, integrating both the yuan and Thai baht accounts, can be used in more than 100 countries and regions that accept CUP standards, according to a statement on the CUP website.

The dual-currency debit cards can also save costs stemming from currency conversions between the yuan and the Thai baht as transactions in the two countries are settled in the local currency, said the statement.

At the launch ceremony Thursday, CUP vice president Cai Jianbo said the debit cards were issued at a time when cross-border payment demands between the two countries were increasing while the CUP standard was now more widely accepted in Thailand.

So far the BOC has issued UnionPay bank cards in a total of eight countries and regions outside China, according to BOC vice president Zhu Shumin.

In late 2009, the CUP jointly introduced a credit card in Thailand with Bangkok Bank.

Source: Xinhua
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