Aloqabank First in Uzbekistan to Issue Co-Credit Cards
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In pursuance of resolutions of the President of the Republic of Uzbekistan (PP-3620) “On additional measures to increase the accessibility of banking services”, signed 23 March 2018, and (PP-3270) “On measures to further develop and improve the stability of the banking system of the Republic of Uzbekistan”, signed 12 September 2017, the Single nationwide processing center (SNPC) together with the international payment system UnionPay International have developed a project for issuing co-bank cards for bоth payment systems.
In May this year, the leadership of the SNPC and Aloqabank visited the head office of China UnionPay in Shanghai, PRC. As a result of the meeting, the SNPC and UnionPay International signed an agreement on the issue of co-credit cards. One of the most critical elements of this deal was the definition of a settlement bank for operations with co-credit cards. As a result, bоth sides decided to appoint Aloqabank as a settlement bank, which is a member of bоth payment systems. It also had the honor of becoming the first bank in Uzbekistan to issue dual cards.
In turn, Aloqabank and UnionPay International inked a contract regarding the issue of UnionPay cards. The issued co-brand cards will be equipped with an NFC chip that allows contactless payment for goods and services.
Aloqabank customers who become holders of co-credit cards will have the following advantages:
— the possibility of using a soum (wage) bank card outside of Uzbekistan;
— there is no need to convert money on a soum card when leaving the country;
— implementation of money transfers at lower tariffs;
— the ability to use the privileges of each payment system, using only one bank card (online purchases, loyalty programs).
For your information: a co-credit card is a joint card of two payment systems: UzCard and UnionPay International (UPI), issued by authorized commercial banks of the Republic of Uzbekistan (issuers) and intended for use in the infrastructures of bоth payment systems. The credit card is tied to one card account in Uzbek soums, while it allows its holder to pay for goods and services abroad thanks to instant electronic conversion of soums to US dollars.
UPI is a subsidiary of China UnionPay and focuses on the growth and support of UnionPay’s global business outside of China. In partnership with more than 1,700 financial institutions around the world, UPI provides with opportunity to use cards to pay for goods, services and withdrawals in 168 countries. UnionPay cards are issued in more than 48 countries, including Uzbekistan.