UAE Exchange signs agreement with UnionPay

Top Quote Agreement signed in Abu Dhabi. Service to be launched soon, across the UAE. End Quote
  • (1888PressRelease) March 09, 2012 - Fast access to funds is so important in modern day living. Chinese expatriates in the UAE have the solution, right here. They can, very soon, remit money in to their loved ones' UnionPay cards in China! Towards this UAE Exchange, the leading global remittance and foreign exchange brand, signed an agreement with UnionPay, China's leading bankcard association.

    UAE Exchange is constantly striving to identify new ways of bringing value to its customers, and such strong partnerships have always been a priority for the brand. With this relationship, customers will soon be able to visit any of the widely-networked branches of UAE Exchange across the UAE and send money to their loved ones' UnionPay cards in China, directly and instantly. Besides, the real-time monitoring system ensures the security of remittance.

    UAE Exchange provides a wide range of services, which includes many popular remittance options for customers, like Xpress Money, a leading global instant money transfer service with over 135,000 agent locations across 125 countries; FLASHremit, the real time account credit facility available in four countries; and Money2anywhere, a convenient online money transfer portal, available in 10 countries. The remittance leader also offers Smart Pay, a WPS-compliant leading payroll solution; and XPay, a mobile-phone based bill payment solution.

    The range of services also includes payments for utility bills, credit card bills, airline tickets, school fee, membership subscription, investments, bank account opening, mobile phone recharge and more. Customers can just walk in and address their multiple financial requirements easily at just one counter, thus making UAE Exchange, a true financial supermarket.

    The remittance major reaches out to over 3.5 million customers, worldwide, through the largest global network, in its class, which has close to 600 direct offices in 30 countries, across five continents. Its strong correspondent banking relationship with over 150 global banks, further adds to might.

    As the bankcard association, UnionPay operates the national inter-bank clearing and settlement system. They develop the worldwide UnionPay card acceptance network and promote the usage of the card as well as other innovative payment solutions, thus providing quality, efficient and safe payment services to its cardholders.

    To date, the total number of the UnionPay cards issued, both at home and aboard, has exceeded 2.8 billion. The UnionPay network has been extended to all the urban and rural areas in China. In addition, UnionPay has enabled the UnionPay card acceptance in over 125 countries and regions through extensive cooperation with about 400 institutions, around the world.

    Both the brands have strong values ingrained in them and are passionate about providing customer convenience. This signing up will begin a partnership, offering the best of both worlds to the customers' advantage.

    The event for signing of the agreement was attended by senior officials of UAE Exchange and UnionPay along with special invitees and the Media.

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    About China Union Pay:

    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 cards have been accepted in 124 countries and regions outside China. Meanwhile, UnionPay also actively promotes issuance of UnionPay standard cards overseas, with a goal of providing payment convenience for foreigners in their work, travel and study in China. At present, 65 institutions in 24 overseas countries and regions have issued UnionPay card locally, with an accumulated card issuance volume of more than 13 million pieces. UnionPay cards are not only well accepted by the domestic cardholders, but also highly appreciated by cardholders in more and more countries and regions.

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