Bank cards launched

PUBLISHED : Tuesday, 11 August, 2009, 12:00am
UPDATED : Tuesday, 11 August, 2009, 12:00am

China UnionPay, the largest bank card organisation on the mainland, launched its cards in Taiwan yesterday, in the latest signs of warming cross-strait ties.

Xu Luode, the bank's president, and the chairman of Taiwan's Chinatrust financial group, Jeffrey Koo, announced the launch of the UnionPay cards in Taipei.

Mr Xu said China UnionPay had more than 1.9 billion cards in circulation in 62 countries. He said mainland visitors would initially be able to use the cards at 500 contracted shops and tourist outlets in Taiwan, with plans to expand the service to some 20,000 outlets by the end of the year.

Mr Koo, also chairman of Taiwan's National Credit Card Centre, estimated the move would generate NT$100 billion (HK$23.7 billion) in new spending by mainland visitors a year.