UnionPay, DBS launch debit card

Singapore

BROADENING its reach into South-east Asia, China's UnionPay International on Monday launched with DBS a debit card that widens payment choices for Singapore consumers travelling to China.

UnionPay is the dominant inter-bank clearing and settlement company in China. Most merchants in China only accept cards issued by UnionPay, with foreign payment companies such as Visa and MasterCard having to pay network access fees to UnionPay when taking in payments in yuan.

The new debit card, to be offered from June 3, will allow cardholders to make payments to a larger base of merchants, and provide access to two million ATMs worldwide, including most cash withdrawal machines in China. Fees on cash withdrawal overseas will be waived. UnionPay is the official card of the Great Singapore Sale, which means perks for card users at t…