UnionPay International announced that it has signed an issuance agreement with Pakistan Summit Bank. According to the agreement, the two sides will jointly issue UnionPay cards to support the trade, economic cooperation and personnel exchanges between China and Pakistan. Now, UnionPay has become the international bankcard brand with the second largest market share in terms of card issuance. CEO of UnionPay International, Cai Jianbo, Vice Chairman of Summit Bank, Husain Lawai and CEO and President of Summit Bank, Muhammad Zahir Esmail attended the signing ceremony with other senior officials from Summit Bank and UnionPay International.
“With the implementation of the Belt and Road Strategy and the construction of the China-Pakistan Economic Corridor, UnionPay has made a remarkable progress in Pakistan,” Cai Jianbo said. On the one hand UnionPay cards are widely accepted at the local merchants and ATMs, which meets the payment demands of tourists and local residents. On the other, 3,400,000 UnionPay cards have been issued in the market, and the transaction volume of these cards grew by over 2 times in the last year. This means that UnionPay cards are accepted and favored by more and more people in Pakistan. In the future, UnionPay International will keep on improving the UnionPay service system in markets along the “One Belt and One Road” initiative, including Pakistan, to support the personnel exchanges between China and these countries and regions.
Summit Bank is one of the fastest growing banks in Pakistan. So far it has only issued debit cards. Through this cooperation with UnionPay International, the bank will transform more than half of its cards in circulation into UnionPay chip cards, and will also issue new cards at a large scale. The cards to be issued are all global payment cards that can be used in UnionPay’s global network while support online payment as well. Recognizing UnionPay’s advantages in network, products and service system, as well as the security of UnionPay chip cards, Summit Bank will promote UnionPay card products as its key products in the future.
Muhammad Zahir Esmail said, Pakistan and China are as close as family; Summit Bank and UnionPay International are close partners alike. The UnionPay card has become an important bridge between China and Pakistan. Through this cooperation, Summit Bank will provide the best debit and prepaid cards service for customers in Pakistan, and is looking forward to the two sides for further cooperation in various other fields so as to provide more financial products and services for the local residents.
Head of Digital Banking Adnan Al said, “Banking is built on trust. Our new chip-based card will offer services with an enhanced security. This strategic partnership with UnionPay International will create new and prosperous synergy between our two countries. And will help us reach towards our goal to become the preferred digital bank for customers.