Taiwan to accept China UnionPay cards

TAIPEI, Aug 6 - Taiwan is scheduled to accept cards issued by China UnionPay, the largest bank card organisation in China, in the latest signs of improving trade ties on both sides.

Chinese visitors to Taiwan will be able to swipe their Unionpay cards, welcomed by Taiwan's corporate sector eager to rely more on tourists from the mainland which will give a much-needed boost to domestic consumption.

President Xu Luode of China UnionPay, controlled by the Chinese central bank, and Chinatrust Financial's chairman Jeffrey Koo, will host a launching ceremony, organisers of the event said.

The official launch is due to take place on Friday, but could be delayed to Monday if the island is disrupted by a typhoon.

Officials from Bank of China, ICBC and several other major banks will also attend the ceremony, according to Taiwan's semi-official Central News Agency.

The move is estimated to generate T$100 billion ($3.0 billion) in new spending per year by Chinese tourists visiting the island, Mega Financial's investment advisory unit said in a research report.

China Unionpay cards are accepted in more than 30 countries outside of China, competing with global rivals such as Visa Inc and MasterCard Inc. ($1=T$32.8)