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Sunday, June 24, 2018

International Bank of Azerbaijan, UnionPay sign partnership agreement for payment system

The International Bank of Azerbaijan recently signed a partnership agreement with China's UnionPay providing for the adoption of ATMs and POS- terminals for its card payment system.

Founded in March 2002, UnionPay is an association for China's banking card industry, operating under the approval of the People's Bank of China. It is also the only interbank network in China, excluding Hong Kong and Macau, linking the ATMs of some 14 major banks and many more smaller banks throughout the mainland.

UnionPay cards can also be used in 141 countries and regions around the world, making ti the second-largest payment network by value of transactions processed behind Visa.

Some UnionPay Credit Cards are also affiliated with American Express, MasterCard or Visa, and can be used abroad as an American Express, MasterCard or Visa.

UnionPay Debit Cards, however, can be used only in the UnionPay network and other networks that have signed contracts with UnionPay.