Chinese cards to work in Mashreq ATMs under new deal

Mashreq, the largest private bank in the UAE, on Sunday announced a deal allowing customers of China’s national bankcard association to use their cards at the firm’s ATMs and point of sales terminals in the UAE.

The bank said its partnership with China Unionpay (CUP) was an important step in encouraging more tourism from China, as well as strengthening trade and economic relationships between the two countries.

Mashreq is the first national bank in the GCC to accept China Unionpay cards for cash withdrawals at ATM machines and for purchases by Masreq point of sales terminals, it said at a press conference in Dubai.

“There are great partnership opportunities between Mashreq and China Unionpay and this is the first step, in what we hope, will be a very long and prosperous relationship for both the UAE and China,” said Abdul Aziz Al Ghurair, CEO of Mashreq.

Mashreq plans to launch over 500 merchants and 200 ATMs covering key tourist destinations for exclusive use by CUP cardholders.

About 350,000 visitors from China visit the UAE every year.  In 2008, the number of Chinese tourists either visiting or transiting from the UAE was over one million.

In addition, over 200,000 Chinese nationals reside in the country, with over 3,000 Chinese companies registered in the UAE.

Trade volumes between the two countries were valued at $25bn in 2008, with this year’s figure expected to be even higher, Al Ghurair said.

The UAE is the second largest trade partner with China and the largest export market in the Middle East for China

By the end of 2008, 197 CUP domestic member banks had issued more than 1.8 billion cards. 

Founded in 2002, CUP is an association for China’s banking card industry and is the only interbank network in China.

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