OREANDA-NEWS. April 01, 2011. Representatives of UnionPay have recently visited Uzbekistan to hold a number of business meetings with the specialists of Ipak Yuli open joint-stock innovation commercial bank.

During the negotiations the sides discussed strategic issues, including prospects of developing acquiring in Uzbekistan, introduction of universal cards of UnionPay in the republic, etc.

Representatives of UnionPay noted the successful experience of cooperation with Ipak Yuli bank and expressed intention for continuation and further consolidation of collaboration with this Uzbek commercial bank.

Established in March 2002, UnionPay is a bankcard association established under the approval of the State Council and the People's Bank of China. At present, the Shanghai-headquartered UnionPay has about 400 domestic and overseas associate members.

UnionPay has become the central and pivotal part of China's bankcard industry, and plays an essential role in the industry development. As the bankcard association in China, UnionPay operates an inter-bank transaction settlement system through which the connection and switch between banking systems and the inter-bank, cross-region and cross-border usages of bankcards issued by associate banks could be realized.

In order to meet the growing demand for card use of the Chinese in overseas business, travel and study, and to extend the services of domestic commercial banks abroad via UnionPay network, UnionPay is dedicated to the construction of an international acceptance network. As of today, UnionPay cards have been accepted in 104 countries and regions outside China.