Elavon, a leading global payments provider, and China UnionPay, a bankcard association in China, recently announced a binding agreement to enable acceptance for UnionPay’s debit and credit cards at Elavon’s merchants in the United States and Europe.
The partnership also extends credit card acceptance to Elavon’s Canadian merchants and will eventually expand to include Latin America.
“Elavon is elated to support the expansion of China UnionPay card acceptance while promoting their international brand and supporting new opportunities to serve Chinese travelers – one of the fastest growing segments of the tourism market,” Mike Passilla, Elavon’s president and CEO, said.
For Elavon,a wholly-owned subsidiary of U.S. Bancorp, the deal secures its world class international processing platform. Merchants will be able to operate a single point of service for processing, funding, settlement and reporting for all Visa, MasterCard, American Express, Discover, Network and UnionPay transactions. The deal also extends Elavon’s end-to-end processing control.
By 2020, experts believe that China will surpass the United States as the largest market for credit cards, with total cards expected to increase 11 percent a year as transaction value climbs 14 percent each year, according to MasterCard.
“We are pleased to cooperate with Elavon,” Ruode Xu, the president of UnionPay, said. “We believe that their vast merchant base and excellent quality of service will help drive global acceptance of China UnionPay.”