CRDB to hook China UnionPay Card

The  overgrowing business relationship between China and Tanzania has opened new prospects as CRDB Bank's ATMs would start accepting China UnionPay (CUP) cards.

The CUP, which is like the US MasterCard and visa cards, are the only debit/credit card for the world's second largest economy, which is accepted by all Chinese banks.

The CRDB Managing Director, Dr Charles Kimei, said holders of the CUP cards issued by banks in China or elsewhere would be able to use balances in their respective bank accounts at CRDB's ATM, points of sale (PoS) and counters. 

"We (CRDB) are going to launch the same within (this) months," Dr Kimei said.

The bank attributed the introduction of the CUP to the Chinese community in the country which is a special segment amongst CRDB's customers. 

"More important," Dr Kimei said, "the Chinese community in Tanzania-which we forecast to grow as our relations grow stronger-need financial intermediation".

On top of that, the Managing Director of one of leading bank said "all what is happening in the real economy needs to be supported by the financial system". CRDB has 90 branches, 250 ATMs 13 mobile branches and several PoS terminals.

According to the Wikipedia CUP is the only domestic bank card organization in China which is accepted on 1.2million ATMs worldwide and used in 105 countries and regions around the world. 

Since 2006, CUP UnionPay are used in over 100 countries outside China. The card was founded in March 2002 and is an association for China's banking card industry, operating under the approval of the People's Bank of China.

Source: The Daily News, www.dailynews.co.tz reported by Abduel Elinaza in Dar es Salaam

Share on Google Plus

About Unknown

This is a short description in the author block about the author. You edit it by entering text in the "Biographical Info" field in the user admin panel.