Euronet Pakistan enables UnionPay Card Acquiring on MCB POS network in Pakistan
Karachi, Pakistan – Euronet Pakistan, a subsidiary of Euronet Worldwide, Inc. (NASDAQ:EEFT), today announced it has successfully enabled acquiring of UnionPay cards on MCB Bank’s nationwide Point of Sale (POS) network. This is another major step for Euronet towards multi-brand acquiring services and internationalism.
The service is enabled for MCB Bank through collaboration with UnionPay International (UPI) - a subsidiary of China Union Pay, which focuses on UnionPay’s international business. Union Pay International has an acceptance network in more than 140 countries and regions. With this acquiring service, MCB can accept UnionPay cards across its POS network, which includes 12,000 terminals across Pakistan. This new acquiring service will increase the bank’s revenue, as UnionPay cards in circulation worldwide have reached 3.5 Billion and it has the largest card holder groups in the world.
“The cooperation between UnionPay International, Euronet Pakistan and MCB is a significant milestone for our business in Pakistan, providing more options for local payments. In recent years, various UnionPay cards have been issued in Pakistan. With the acceptance environment improving, UnionPay cards will provide safe, convenient and favorable card service to more visitors and local residents,” says Wang Lixin, Chief Officer- Business Development at UnionPay International.
Euronet Pakistan and its team are delighted with this achievement as it marks another acquiring services milestone for the company.
“We are extremely pleased to have achieved partnership with a strong association like UPI. Enabling one of the largest banks in Pakistan for UPI card acquiring will open up many new opportunities for all three organizations to work in collaboration to provide value added services to the end customer”, said Shahid Latif, Managing Director, Euronet Pakistan.
“With this milestone, MCB’s multi-brand position is even stronger. We can now expand our strong acquiring network by acquiring UnionPay cards on our (POS) network and optimally build on our success to date. UPI acquiring completes our acquiring suite as now we are providing services to our customers for all the major card associations present in Pakistan. All of this wouldn’t have been possible without the phenomenal support and assistance we received from both Euronet Pakistan and UPI teams”, said Group Head Retail Banking, Ali Mubashir Kazmi, MCB Bank.
Euronet Worldwide is an industry leader in processing secure electronic financial transactions. The Company offers payment and transaction processing solutions to financial institutions, retailers, service providers and individual consumers. These services include comprehensive ATM, POS and card outsourcing services, card issuing and merchant acquiring services, software solutions, consumer money transfer and bill payment services, and electronic distribution for prepaid mobile phone time and other prepaid products.
Euronet's global payment network is extensive - including 17,973 ATMs, approximately 67,000 EFT POS terminals and a growing portfolio of outsourced debit and credit card services which are under management in 42 countries; card software solutions; a prepaid processing network of approximately 674,000 POS terminals at approximately 350,000 retailer locations in 35 countries; and a consumer-to-consumer money transfer network of approximately 199,000 locations serving 134 countries. With corporate headquarters in Leawood, Kansas, USA, and 52 worldwide offices, Euronet serves clients in approximately 155 countries. For more information, please visit the Company's website at www.euronetworldwide.com.
MCB Bank Limited, with more than 60 years of experience as one of the leading banks in Pakistan, was incorporated on July 9 in 1947.
MCB is reputed as one of the most sound financial institution and as one of the leading banks in Pakistan with a deposit base of PKR. 545 bln (apprx.) and total assets of PKR 766 bln (apprx.). The bank is versed as one of the oldest and most responsible banks in Pakistan and has played pivotal role in representing the country on global platforms while being one of the few institutions that are recognized and traded in the international market.
Established in March 2002, UnionPay is a bankcard association established under the approval of the State Council and the People’s Bank of China. At present, the Shanghai-headquartered UnionPay has about 400 domestic and overseas associate members.
UnionPay has become the central and pivotal part of China’s bankcard industry, and plays an essential role in the industry development. As the bankcard association in China, UnionPay actively collaborate with various industrial parties like commercial banks in the efforts to formulate and extend united UnionPay card standards and regulations, create independent bankcard brand, promote the development and application of bankcard, maintain an orderly bankcard acceptance market and prevent bankcard risks.
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