Philippines adopt new UnionPay chip card standard

In a report published by unionpayintl.com, UnionPay announced its new chip card standard licensing cooperation on October 12, 2016 to mark a new breakthrough in the “Going Global” of China’s financial technology standards.

Image grabbed from: unionpayintl.com

The major switch network in the Philippines will adopt the new standard in card acceptance and card issuance along with five other Asia-Pacific countries: Singapore, Thailand, South Korea, Malaysia, and Indonesia.

The six participating institutions are the Philippine-based interbank network, BancNet; Thailand’s National Interbank Transaction Management Exchange , NITMX; the Network for Electronic Transfers Singapore Pte Ltd., NETS; Indonesian ATM switch institution, Rintis; Malaysia Electronic Payment System, MEPS; and Korea Financial Telecommunications and Clearings Institute, KFTC.

This development helps promote the payment industries in these markets to upgrade from magnetic stripe cards to chip cards, and paves way for the roll-out of UnionPay contactless, mobile and wallet payment products in these markets.

The Asian Payment Network, composed of 13 switch networks in 11 Asia-Pacific countries, aims to promote the interconnection among various payment networks in the region.

Source: unionpayintl.com