Elavon, a wholly-owned subsidiary of US Bancorp, and China UnionPay have signed a binding agreement to enable acceptance for UnionPay's debit and credit cards at Elavon's merchants in the US and Europe.
US Bancorp said that the deal also extends credit card acceptance to Elavon’s Canadian merchants and will expand to include Latin America in the future.
The deal extends Elavon’s end-to-end processing control, giving merchants direct connectivity to UnionPay.
The agreement will leverage Elavon’s international processing platform to provide merchants with the benefit of a single point of service for processing, funding, settlement and reporting for all Visa, MasterCard, American Express, Discover Network and UnionPay transactions.
Elavon president and CEO Mike Passilla said Elavon is elated to support the expansion of China UnionPay card acceptance while promoting their international brand and supporting new opportunities to serve Chinese travelers – one of the fastest growing segments of the tourism market.