VocaLink, the British operator of the Faster Payments service, has announced a five-year deal with UnionPay International to enable UnionPay cardholders to access ATMs across Europe and the UK. Under the deal, VocaLink will provide ATM transaction processing and UnionPay sponsored access.
With around 5.4 billion cards in circulation, more than one-in-two (53%) bankcards issued globally
is a UnionPay card, according to recent Nilson Report figures. The average value of a UnionPay card withdrawal from a UK ATM is five times higher than the average UK domestic card withdrawal, VocaLink says.
The Chinese tourist market is growing — around 117 million Chinese travelled abroad in 2014, spending around $165 billion. Tourist numbers are forecast to increase to 234 million by 2020, according to the United Nations World Tourism Organisation.
“This partnership represents a significant milestone in our goal to increase access to UnionPay cards internationally,” said Wei Zhihong, general manager, UnionPay International Europe.