KBank taps China UnionPay for online payments, e-commerce

Thailand-based financial institution KasikornBank (KBank) has inked a contract with Chinese bank card organisation China UnionPay (CUP) to allow merchants using K-Payment Gateway to accept UnionPay credit and debit cards.
In the first phase, the system will accept UnionPay credit and debit cards issued by KBank and Chinese financial institutions. The number of UnionPay cardholders worldwide reaches 3.23 billion, with 2.8 billion in Asia Pacific, while merchants accepting UnionPay cards account for at least 5.65 million. More than 1.37 million ATMs in 107 countries also accept UnionPay cards.
In 2013, the bank expects a 30 percent increase in card acceptance, reaching to USD 2 billion. Spending via UnionPay cards has reached almost USD1.15 billion in 2012. In 2012, more than 2.8 million Chinese have visited Thailand, up by 62 percent from the previous year. The number is expected to jump to 3.3 million in 2013.
K-Payment Gateway now serves international credit and debit cards in 36 major currencies. In 2012, payment via K-Payment Gateway amounted to more than 70 percent market share.


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