A Joint Project with China UnionPay

Evrofinance Mosnarbank and Union Card payment system together with a Chinese payment system China UnionPay have launched a joint project

The NCC|UC payment system and Evrofinance Mosnarbank started to issue and service China Union Pay (CUP) plastic cards on the territory of Russia acting under a contract signed in June 2007. CUP cards enable Russian and Chinese businessmen and tourists to withdraw cash and to pay for goods and services in the Russian Federation, the People’s Republic of China, in those FSU republics where Union Card renders its services as well as in 26 other countries including Singapore, Malaysia, Thailand, Vietnam, Sooth Korea, Egypt, Australia, Belgium, France, Japan, Spain and the USA.

Union Card Payment System and Evrofinance Mosnarbank invite banks to participate in the project along the following business lines:

1. Aquaring services to the holders of China UnionPay cards

Such services include acceptance of China UnionPay cards by merchants and cash advances at the ATMs of the participant banks. Processing, settlement and clearing will be effected by the processing centre of the NCC|UC payment system. A bank is not required to join China UnionPay to be able to service its cards. It shall only enter into an agreement with Evrofinance Mosnarbank which acts as a settlement bank and a processing centre.

2. The following schemes may be used for issuance of the cards:

• Joining to the China UnionPay payment system as an associated member under the sponsorship of Evrofinance Mosnarbank which acts as a Principal Member of the system
• Distribution of plastic cards of the China UnionPay - which will bear no logo of Evrofinance Mosnarbank - among the customers of your bank, provided that the name of your bank will be just embossed on the face of such plastic cards.

Due to a dramatic rise in the Russo-Chinese trade and a robust development of bilateral tourism the CUP plastic cards will be very convenient both for businessmen and tourists (the share of Visa and Master in the Chinese market of plastic cards is less than 20 percent). A card holder will be able to confirm the fact of payment on the territory of China and to confirm customs value of the goods due to the fact that an account statement from the card account issued by a bank as well as POS-terminal receipt may be submitted to the customs authorities as a document which confirm the fact of payment. Thus, customs clearance formalities will be simplified.

Taking into account that the amount of cash which may be carried out from China while crossing the border is limited to USD 2,000 or its equivalent in any other currency and that the number of CUP plastic cards issued as of today exceeds 1.4 billion it’s hard to overestimate the convenience of CUP plastic cards as a means used for withdrawal of cash on the territory of the Russian Federation.

Evrofinance Mosnarbank will start to issue and service China UnionPay plastic cards in summer 2008.

The banks which are already participants to the NCC|UC payment system technical solutions already used thereby will fully fit the requirements set for the credit institutions which service CUP plastic cards.

We hope that our offer will be of interest to you and that we will be able to discuss co-operation prospects and technical solutions. Should you have any queries please don’t hesitate to call us at +7 (495) 956-44-51 or + 7 (8482) 407-667. You may also w-mail your questions to the following addresses: belyukina@evrofinance.ru or g.drobot@ncc.volga.ru

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China UnionPay cards initial issue in Russia From this very day Evrofinance Mosnarbank will begin to issue standard debit card in Russian Roubles bearing the CUP logo with “62” as the first 2 digits of PAN. Besides the CUP logo, the cards also bear the logo of Union Card, one of the biggest local bankcard organizations in Russia, thus the cards can be used both in the local network of Union Card in Russia and in the global network of China UnionPay. [Read...]