Taiwan to accept China UnionPay cards starting tomorrow

Aug. 6, 2009 (China Knowledge) - Mainland visitors will be able to use bank cards issued by China UnionPay, the only national credit card organization in the country, to make purchases in Taiwan beginning tomorrow, said Taipei-based National Credit Card Center on Wednesday.

Mainland China and Taiwan are due to make a joint announcement of the decision at the National Palace Museum tomorrow, one year after the island eased restrictions on visits by tourists from the mainland.

NCCC President Felix Ong said that the change in policy will enable tourists from the mainland to buy goods using China UnionPay bank cards instead of cash, thus promoting consumption.

Mainland visitors are currently only allowed to bring at most RMB 20,000 in cash per visit.

The spending volume of mainland visitors may reach NT$100 billion annually, according to an estimate by officials from Taiwan-based Chinatrust Commercial Bank, the largest largest card issuer on the island.

Government statistics show that a total of 380,000 mainlanders have visited Taiwan since the island opened its doors wider to them in July last year.

China UnionPay, the dominant player in China’s bank card industry, has a network that covers more than 80 banking institutions. Its cards are accepted in 61 countries and regions outside China.

China UnionPay is now sparing no effort to expand the bank card network in second-tier cities and rural areas in mainland China to promote card-based consumption, according to an earlier report from China Knowledge.