Payment News reports that Canada's Interac Association and China Unionpay have partnered to launch a new service that gives China Unionpay cardholders the ability to withdraw cash from ATMs in Canada.
Mark O'Connell, president and chief executive of Acxsys Corp. and Interac, says the deal represents a milestone:
With approximately 250 associate members, 1.9 billion China Unionpay cards and acceptance in 67 other countries and regions, China Unionpay has extensive reach and opens up a wealth of opportunity for Interac.
The agreement with China Unionpay is expected to drive incremental ATM volumes for Canadian acquirers. According to the World Tourism Organization, China is expected to become one of the top three outbound tourism markets in the world by 2010.
The China Unionpay and Interac networks will connect through a gateway, eliminating network setup and reducing development costs for Canadian acquirers.
Access to the service is available to all Canadian acquirers interested in evolving their ATM service offerings. The gateway for China Unionpay cardholders is being offered at ATMs across Canada operated by CIBC and Open Solutions. ATMs that offer access for Chinese cardholders will feature the China Unionpay logo.
