China's in its quest to widen its operations is partnering a back office startup, Tribe payment to offer debit and credit cards in Europe.
Union pay with its long standing monopoly in China is now looking beyond its shores, the European market. This comes on the back of months of deliberations and the success of it's first project in one of Europe's strong markets, the U.K.
The first U.K. project targeted the Chinese citizenry looking to make transactions directly from their accounts using their own currency. Thus the installation of point-of-sale (pos) terminals in Harod Department store which led to a surge in business from chinese students and Chinese tourists.
The Asian payment company already produces roughly 6billion cards more than both Visa and Master cards. Union pay cards are currently accepted on more than 2million ATMs and by more than 41 million merchants.