China: Chinese bank cards can now be used in Portugal

17 June 2008

Lisbon, Portugal, 17 June – Chinese bank cards can now be used in Automatic Teller Machiens (ATMs) to take out cash in Portugal, after state-owned bank Caixa Geral de Depósitos (CGD) signed an agreement with China UnionPay Monday in Lisbon.

China UnionPay (CUP) is the only association of card issuing bodies in China and, at the end of 2007, a total of 1.5 billion cards had been issued and the association had around 200 members in and outside China.

This is the first agreement of its kind that CGD has signed outside Europe and is of even greater importance due to the Portuguese bank’s presence in Macau, where via Banco Nacional Ultramarino it has “a particularly profitable business” in the bank card segment, the bank’s director for this area said.

As well as the system used in Portugal – Multibanco – the CUP has also signed similar agreements with the national systems of other European countries such as France, Italy, Luxembourg, Turkey, the Netherlands and Spain. (macauhub)