Under the terms of the agreement, RCBC and CUP will issue a CUP-branded credit card aimed at Chinese customers travelling to the Philippines for leisure, study or business purposes. As a result of a merchant acquiring agreement signed by representatives of the two parties, over 1.2 billion CUP cardholders will be able to use their card while travelling to the Philippines and shop in Bankard-accredited merchants. Bankard is RCBCs credit card division.
In related news, CUP has teamed up with Canadian debit network operator Interac to launch a joint service looking to provide Unionpay cardholders the ability to carry out cash withdrawals from ATMs of participating acquirers in Canada.
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