Banking

Russia's Gazprombank, China's UnionPay to cooperate on card payment

(Xinhua)
Updated: 2011-03-18 10:49

MOSCOW - Russia's Gazprombank will gradually launch the payment business of China UnionPay cards in its ATMs and relevant merchants by the end of 2011, Gazprombank announced on Thursday.

At a launching ceremony, the two sides jointly demonstrated how to withdraw rubles from Gazprombank's ATM by a UnionPay card.

First Vice-President of Gazprombank Valery Seregin said his bank will further cooperate with China UnionPay.

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"Taking into consideration of the great client base of UnionPay and the increase of tourist flows from both sides, we expect fast and stable growth of operations of (UnionPay cards payment business)," Seregin said.

Ling Ji, minister counselor for economic and commercial affairs at the Chinese embassy to Russia, also attended the ceremony, saying the development of Russian banks' cards payment has facilitated bilateral economic and trade cooperation.

Ling said he believed banking cooperation between China and Russia, such as the one between China UnionPay and Gazprombank, will help expend the use of UnionPay's card payment and promote bilateral exchanges between the two countries.

According to the Moscow branch of China UnionPay, the company first tapped its card business in Russia in 2007. There have been more than 16,000 ATMs and nearly 5,000 shops accepting UnionPay cards in Russia so far.

Gazprombank, with its branches across major areas in Russia, Armenia and Belarus, owns some 2,000 ATMs and 8,000 POS terminals.