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The credit card servicing arm of the Rizal Commercial Banking Corp., Bankard, Inc., has signed a deal with China UnionPay (CUP), the lone national bank card payment network in China based in Shanghai. The agreement will allow local retailers to take advantage of the growing number of Chinese tourist in the country.

With the Bankard-CUP deal, the 1.2 billion cardholders of CUP who are staying in the Philippines can use their cards when they shop at selected Bankard-accredited establishments in the country.

Oscar B. Biazon, president and chief executive officer of Bankard said, “If you look at the Chinese market, it’s an ever growing market. China is now the third largest economy. It is best that we capture that segment.” He added, “We are also creating opportunities for merchants to increase their sales by opening up to the Chinese markets.”

For his part, CUP head of regional business management Foo Kok Hee is optimistic about the agreement. He said, “We hope to create good acceptance on the Philippines so Chinese tourists can contribute to tourism revenues here.”

Bankard is CUP’s first partner in the Philippines. The CUP Card is currently accepted in 63 countries by 790,000 automated teller machines, 2.69 million point-of-sale terminals, and 1.81 million merchants globally.

The second stage of the partnership, Biazon said, would be the issuance of CUP Cards to the local market. Foo said they are also talking to other banks in the country, but no agreements have been finalized yet.