China UnionPay (CUP) payments cards are to be
accepted in Brazil for the first time following an agreement with
merchant acquirer Redecard and Latin America’s Banco Itau.
The acceptance of UnionPay cards via Itau
ATMs and the opening of merchant (POS terminal) acceptance business
in Brazil is a significant breakthrough in UnionPay’s card business
in Latin America.
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The co-operative agreement between the three
parties was signed in September 2010. According to the agreement,
all 23,000 ATMs of Itau and the first batch of 130,000 merchants of
Redecard will gradually open UnionPay card acceptance business.
Cardholders will be exempt from the currency
conversion fee, which accounts for roughly 1% to 2% of the
transaction amount for overseas use of UnionPay card.
Itau’s vice president Marcio Schettini and
Redecard’s CEO Claudio Yamaguti said there is great potential for
the development of UnionPay card market in Brazil as China and
Brazil are now promoting tourism exchange between the two
countries.
UnionPay is also enhancing co-operation with
relevant institutions in, Mexico, Peru and the Costa Rica to expand
the application range of UnionPay card, optimise card use
environment and improve service quality.
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