KNET Signs a Strategic Partnership with UnionPay International

The Shared Electronic Banking Service Company (Knet) signed a strategic partnership memorandum with UnionPay International that is based in Shanghai and considered one of the largest and newest companies in issuing and Acquiring cards in the world. Where this partnership will provide more comfort and convenience to “UnionPay” cardholders to take advantage of company’s rapid growth around the world, as well as enabling them the use of such cards in ATMs and POS devices deployed in Kuwait and linked to Knet. On this occasion, Chairman of the Board of Directors of Knet Jassim Safar said that the signing of a strategic partnership at this level will enhance the ongoing cooperation in the field of electronic payment, between China and the GCC in general and Kuwait in particular, where this will enable all Kuwaiti banks to accept more cardholders from global schemas on their ATMs and POS devices, as well as it will open a window of opportunity to local banks to issue this type of card in the future with worldwide acceptance. Safar also stressed that Knet is keen on pursuing building strong relationships and strategic partnerships of this kind, in order to strengthen its position in the region as a whole, as well as availing more services to Kuwaiti banks clients, Safar indicated also that Knet focused on its policy on the expansion in the Acquiring field to accept cards at all levels and at the same time deployment of the latest technology in the field of electronic payment. He also stressed, that this kind of partnership and the acceptance of new card types will have positive impact on the volume of electronic transactions that are being performed on more than 34,000 KNET deployed POS terminals and ATM machines installed in Kuwait where Knet is striving to maintain the highest integrity and security levels on all electronically performed transactions, especially after being ranked among top 150 acquiring networks worldwide and the second at the regional level, according to 2013 Nelson report. On his part, Board Director & CEO of UnionPay International ”Cai Jianbo” expressed his happiness on signing of the strategic partnership with KNET and pointed out that UnionPay International was established in March 2002 after the approval of the State Council of China and the People’s Bank of China, where it has been classified today as one of the fastest growing payment companies in the world , also pointed out that the company had signed such strategic partnership with more than 400 members worldwide, where the estimated 3.2 billion cards issued on 29 countries are being accepted on more than 1.5 million Automatic Teller Machines and more than 4.5 million Points Of Sale device deployed in more than 140 countries and regions, making it the network ‘s largest cards payment schemes in the world.