China's UnionPay Expands Presence in Middle East with Fresh Partnership

Core Insights - UnionPay has made significant advancements in cross-border payment innovation in the Middle East with the introduction of a multi-currency card and a QR code interoperability project [1][4] Group 1: Multi-Currency Card Launch - UnionPay, in collaboration with ICBC Turkey, launched Turkey's first local multi-currency debit and credit card [2] - The card supports five currencies: Renminbi (RMB), Turkish Lira, British Pound, US Dollar, and Euro, and is usable across UnionPay's acceptance network in over 180 countries and regions [3] Group 2: QR Code Interoperability - UnionPay signed a strategic cooperation agreement with BKM, Turkey's national payment switching network, to enable QR code interoperability [2][5] - This cooperation allows UnionPay users to perform scan-to-pay transactions in Turkey and enables Turkish users to scan UnionPay QR codes globally [5][6] Group 3: Market Presence and Strategy - UnionPay has established a strong presence in the Middle East, covering 15 countries with extensive acceptance in the UAE, Qatar, Turkey, and Pakistan [7] - The company has partnered with local financial institutions for card issuance, achieving a cumulative volume of tens of millions of cards, solidifying its position as a key bank card brand in the region [8] Group 4: Future Outlook - UnionPay plans to deepen collaboration with regional financial institutions to enhance payment standard interoperability and technical systems, promoting cross-border economic exchanges and digital economic development [9]