Bangkok--28 Sep--Bangkok Bank
Bangkok Bank has signed an agreement with China Union Pay (CUP) to allow Chinese tourists and businesspeople to use their CUP credit and debit cards at Bangkok Bank’s network of merchants throughout Thailand.
Bangkok Bank will begin inviting merchants to join the network to accept CUP cards, in addition to existing cards from Visa, MasterCard, American Express, and JCB. The new merchant network is expected to be on par with Japan’s JCB network.
Bangkok Bank Credit Card Division Manager Shoke Na Ranong said the agreement would allow Thai merchants to tap into the huge spending power of the growing numbers of Chinese tourists and businesspeople visiting Thailand.
“With CUP being China’s largest card operator, with 917 million debit cards and 25 million credit cards issued, the agreement means Thai merchants who join the network and bear the CUP emblem will have access to most of the one million Chinese visiting Thailand annually.
“The inbound tourism market from China has a lot of potential to grow, and Thailand is one of the favorite destinations for Chinese tourists. The Tourism Authority of Thailand (TAT) expects the number of Chinese tourists visiting Thailand to increase from 800,000 in 2005 to 1 million in 2006, out of a total target of 12 million tourists.
“Our agreement with CUP provides a convenient payment network for Chinese tourists to purchase goods and services while in Thailand, and positions Bangkok Bank and its merchant network to tap into their increasing spending power and growing numbers,” Mr. Shoke said.
Bangkok Bank and CUP began co-operating in 2005 with an agreement to connect ATM networks to allow Chinese visitors holding CUP credit and debit cards to withdraw cash from Bualuang ATMs in Thailand.
China has a population of 1.2 billion people and there are more than 917 million debit cards and about 25 million credit cards issued by 152 financial institutions on the CUP network. This compares to a total of 10.45 million credit cards and 13.3 million debit cards issued by banks in Thailand as at the end of July.
Bangkok Bank is the only Thai bank with a substantial presence in China, with branches in Beijing, Shanghai, Xiamen and Shantou, and has plans to open a fifth branch in Shenzhen.
For more information please contact
Promporn Vejjajiva
Public Relations Department
Bangkok Bank Public Company Limited
02 230 2709