LINK, the operator of the UK cash machine network has reached agreement with China Unionpay (CUP), China's national bankcard association to enable CUP bankcards to be used in all LINK cash machines. From early 2009 Chinese visitors to the UK will be able to withdraw sterling from the UK cash machine (ATM) network.
In 2007, 144,000 Chinese visitors came to the UK. This figure is expected to rise leading up to the 2012 Olympics. Chinese visitors are bringing significant spending potential. In addition, around 100,000 Chinese students study in the UK. The LINK ATM network, supported by VocaLink, enables visitors with CUP bankcards to withdraw cash from any UK ATM. Currently, visitors have to carry cash or use dual-currency credit cards which carry a higher withdrawal fee.
LINK connects almost every cash machine in the UK and is the busiest cash machine transaction switch in the world. CUP has over 1 billion payment cards in China and aims to be the world's third major card scheme. Today CUP cards are accepted at ATMs across 45 countries and regions.
Edwin Latter, LINK Scheme Director, commented, "Through the LINK ATM Scheme, CUP cardholders whether they are tourists, students or businessmen will have access to all UK ATMs. No other card scheme can offer this degree of ATM access in the UK. These new transaction possibilities will benefit Chinese cardholders, UK ATM operators and other UK businesses where the money withdrawn will be spent. We hope that this is but the first step in a longer-term relationship with China Unionpay."
LIU Tinghuan, chairman of China Unionpay said, "China's economy is developing rapidly with a significant increase in personal income. To meet the urgent demands from cardholders to use CUP card abroad, CUP is actively exploring international acceptance of CUP card. The UK is a major European destination for Chinese travelers and out-bound students, and therefore a key market for CUP. The signing of the cooperation agreement with LINK today is a remarkable progress for CUP's international development."
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Media Enquiries:
For more information please contact Victoria McGovern or Sally Ryder-Taylor at the LINK Press Office.
Email: victoria.mcgovern@thejjgroup.com / sally.rydertaylor@thejjgroup.com
Tel: 01865 343100
Mobiles: Victoria, 07720 299 021 / Sally, 07720 299 163
Notes to Editor:
About LINK
LINK is the operator of the UK cash machine network, connecting almost every cash machine - free and charging - in the UK and is the busiest cash machine transaction switch in the world. The LINK ATM Scheme brings together the banks, building societies and other institutions that issue cards for use in cash machines and operate the 65,000 cash machines that make up that network.
The mobile phone top-up facility at cash machines enables customers to buy pay-as-you-go credit within a few seconds. A user simply inserts their card and enters their card PIN in the usual way, selects mobile phone top-up on the screen, enters their phone number, and then chooses how much credit to load.
LINK deals with around 250 million transactions a month and, at its busiest, it processes over 1 million transactions an hour and over 350 per second. LINK has around 50 members and there are more than 130 million LINK cards in circulation from around 38 card issuers.
