The agreement primarily targets Chinese tourists who visit Canada and is expected to drive ATM transaction volumes for acquirers by allowing them to expand their customer base. This comes as industry estimates indicate that China is set to become one of the top three outbound tourism markets worldwide by the end of next year.
The China Unionpay and Interac networks are expected to connect via a gateway, eliminating network setup and thus lowering development costs for Canadian acquirers.
Access to the service is available to all Canadian acquirers interested in expanding their ATM service offerings. Currently the service is being offered at ATM across Canada operated by CIBC and Open Solutions. ABMs that offer the service will feature the China Unionpay logo.
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