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SIX Payment Services to acquire a stake in UnionPay International

SIX Payment Services is gearing up to acquire a stake in UnionPay International, which was established by China UnionPay (CUP) with an aim to promote use of the UnionPay card worldwide.

CEO SIX Payment Services CEO Niklaus Santschi was quoted by Bobsguide as saying that the company has been engaged in expanding the use and acceptance of UnionPay card since 2006.

The company expects that the collaboration between UPI and SIX Payment Services to create added value for its customers.

Imparting an important role in China’s payments system, China UnionPay is a predominantly strong supporter of cashless payments.

According to a report, Chinese customers used a debit or credit card to pay for 47.2% of all retail purchases during the first half of 2012.

Already being accepted in 135 nations across the globe, the company aims to keep in pace with developments in the international payments industry.

SIX Payment Services offers financial institutions and merchants with secure and advance technology along the entire value chain of cashless payments.