First UnionPay Cards Transaction in Montenegro

By , 30 Nov 2018, 01:53 AM Business
First UnionPay Cards Transaction in Montenegro Copyrights: Atlas Banka Photo

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29 November 2018 - The first transaction using UnionPay cards in Montenegro was made yesterday in Atlas Bank in Podgorica,  which is the first bank in Montenegro that enabled that the card of this brand be accepted at the ATM, POS and e-Commerce terminals. The transaction was made by Mr. Wei Zhihong, director of the International Market and General Director of China UnionPay for Europe. Atlas Bank AD Podgorica has recently obtained a cross-border license issued by the most significant Chinese Card Association.

“On behalf of the Embassy of China, I hereby congratulate you on this collaboration which would have  great effects as it will attract even more Chinese investments and promote cooperation between China and Montenegro,” said Mr. Liu Jin, the Chinese ambassador to Montenegro.

Mr. Wei Zhihong, director of the International Market and General Director of China UnionPay for Europe, said the beginning of the close cooperation with Atlas Bank is a very important event for UnionPay because Montenegro has become 40th country in Europe and  171st  country in the world that accepts UnionPay cards.

“The exchange between China and Montenegro in the field of investments and tourism has substantially increased. That is why there is a need for UnionPay to be in Montenegro,” said Mr Zhihong, and announced there would be even more intensive cooperation with Atlas Bank by introducing the services regarding card issuance, online payment, electronic wallet option, etc.

Until this date UnionPay International has issued 7 billion cards. Mr Zhihong added there are 23 million retailers in Europe who accept the payments via UnionPay cards, which comprises 60 percent of all retailers receiving the card payments.

“UnionPay is not solely the favourite card brand of Chinese citizens, but also more and more foreign clients are accepting it,” pointed out Mr Zhihong.

The President of Atlas Group Duško Knežević said that Atlas Bank continues to be the forerunner of the innovations in the field of digital economy, further developing the business activities with Chinese partners.  He emphasized that Union Pay, together with Alibaba and WeChat, is one of the financial symbols of China.

“We are proud to cooperate with them.  With the cooperation between Atlas Bank and UnionPay, the billions will enter into Montenegro, and the card has huge potential. After announcing the news that we got the UnionPay license, we received the invitations from one of the biggest corporations from Hong Kong and Singapore to establish the strategic partnerships,” said Knežević.

Atlas Bank as an innovator in the field of card processing systems  and digital economy, has recognized the promising potential the cooperation with the Chinese Card Association – China UnionPay or more specifically, with their international branch office – the UnionPay International carries.

Atlas Bank is the first bank in Montenegro which has established the cooperation with the UnionPay Company. After the initial Cooperation Agreement was signed on 22 November 2017, Atlas Bank commenced the process of formally joining this card association.

At the end of December last year the Membership Agreement was signed, and in June this year Atlas Bank received the authorization documents, by which it was officially granted all the permissions to accept the UPI cards at the POS terminals, ATMs as well as in e-Commerce network of Atlas Bank. Atlas Bank will, after the official commencement of the cooperation, work on the project of issuance of the UnionPay payment cards.

The guests at the ceremony and the cocktail reception were the representatives of the Embassy of China, China UnionPay, and UnionPay International as well as the representatives of Chinese companies doing business in Montenegro, the representatives of the Association of Montenegrin Banks on whose behalf Mr. Goran Radonjić addressed the assembled guests, and other representatives of governmental and economic institutions.


Source: Cafe del Montenegro

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