Travelers will be able to use Renminbi-denominated cards issued
by mainland banks to get cash and make purchases in South Korea,
Thailand and Singapore beginning on January 10, 2005, the
announced Wednesday.
ATMs and point-of-sale (POS) machines that display the China
Unionpay logo will accept the cards.
It is another major step by Chinese banks to expand the use of
Renminbi cards overseas. In January this year, the Hong Kong
Special Administrative Region started to accept such cards at local
POS machines and Macao followed suit in September, but the latest
decision marks the first time that the cards can be used in foreign
countries.
Each card can be used for the withdrawal of cash equivalent to
no more than 5,000 yuan (US$600) per day overseas, limiting their
use to such areas as shopping, accommodations, transportation and
small-volume cash withdrawals. No over-the-counter transactions
will be allowed.
China Unionpay is the only national payment network for Chinese
banks.
Seventy-five domestic banks began allowing their Renminbi cards
to be used in Hong Kong and Macao this year, and the list is
expected to grow. Cards issued by these banks?can be used in
South Korea, Thailand and Singapore from January 10.
China Unionpay reports that by the end of November its
cardholders had withdrawn 730 million yuan (US$88 million) in cash
through ATMs in Hong Kong and Macao. More than 11,000 shops and
stores in Hong Kong accept the cards.
(China Daily December 30, 2004)