RIVERWOODS, China - China Unionpay and Discover Financial Services have struck a deal that allows Chinese travelers to use their China Unionpay cards at Pulse merchant locations and ATMs across the United States.
According to a news release, the deal marks the first phase of a long-term agreement signed in May 2005 by the two companies. The next step is expected to be the acceptance of Discover cards at China Unionpay's network in China.
"This strategic alliance between China Unionpay and Discover Financial Services expands the links between the growing Chinese consumer economy and the U.S. market," said David Nelms, chairman and chief executive of Discover Financial Services. "It will create new opportunities for merchants, financial institutions and other ATM owners by enabling them to serve Chinese travelers - the fastest-growing segment of the U.S. tourism market.
The agreement also is expected to open new doors for merchants, said Stan Paur, president and CEO of Pulse. "More than 360,000 Chinese travelers will visit the U.S. in 2005, with double-digit growth rates projected ahead," Paur said. "PULSE's financial institution participants and other ATM operators can expect to benefit from additional network volume as China UnionPay cardholders conduct transactions at U.S. ATMs and point-of-sale terminals."
