UnionPay-UniCredit deal to facilitate Chinese payments in Italy

by silvia.spessato

categories Rules & Law

tags Unicredit Union Pay 

Sojourning in Italy will soon be easier for Chinese people. UnionPay and UniCredit – one of the country’s biggest bank groups, with various European branches – have signed a collaboration accord that will extend the use of Chinese credit cards in Italy, both for business and for tourism. The official news comes from Unicredit headquarters in Milan. Today UnionPay’s credit cards can be used at 70% of Italian ATMs and in 100,000 shops. The agreement was announced on November 14th during an official ceremony led by UnionPay president, Su Ning, and Federico Ghizzoni, Unicredit’s CEO. UnionPay is the only credit card distributor in China and it is crucial that Chinese people visiting foreign countries be permitted to use it. On UnionPay’s side, Mr. Su Ning said that the request for cross-border payments is growing fast: Chinese and Italian citizens, in fact, travel more and more often for business and for tourism. “UnionPay is working alongside its Italian partners with the aim of extending the use of our cards in Italy,” said Mr. Ning. “This deal will not only benefit card owners, permitting them to enjoy more efficient services, but will give greater support to trade and to interpersonal exchanges between China and Italy.” The deal, underlined Mr. Ghizzoni, will allow Italy to meet the needs of the ever-growing number of Chinese tourists that visit the country, one million in 2012. “UniCredit is honored to collaborate with UnionPay,” stated the CEO. “The agreement strengthens the relationship between our companies and our countries. We mean to continue supplying high-level services to UnionPay card owners, in order to make their trips to Italy more comfortable and enjoyable.” Cai Jianbo, UnionPay’s CEO, and Roberto Nicastro, general director of UniCredit, also joined the ceremony to sign the agreement in the presence of the Consul General of China in Milan, Liao Juhua.

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Commented by Bill Frankish, 29.08.2017

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