At a time when Nepal’s trade and business interaction at global level is increasing, there is a growth in the demand for international prepaid cards. Having a reputation of introducing innovative schemes, Himalayan Bank Ltd has come out with a new venture this time.
With almost 1 billion US dollars equivalent bilateral annual trade between Nepal and China and Nepal’s diversification of trade at the global level, the launching of UnionPay Prepaid card is significant.
By launching HBL-UnionPay International Prepaid Card with ChinaPay Internaitonal, a subsidiary of China UnionPay, Himalayan Bank Ltd, a leading commercial bank of Nepal, has shown that it is looking for a way to support traders and business communities to make their job easier in transaction.
“Through this launch, the Bank will issue for the first time ever UnionPay branded US dollar Prepaid cards to Nepalese citizens with travel needs to China and beyond. The HBL-UnionPay international prepaid cards can be used for a variety of purposes from business, education, sight-seeing to medical treatment etc,” said a press statement issued by HBL.
Addressing the launching program, Chinese ambassador to Nepal Wu Chuntai expressed that this new venture will ultimately pave the way to improve Nepal’s trade with People’s Republic of China and globe.
HBL and UnionPay International, a subsidiary of China UnionPay focused on the growth and support of UnionPay’s global business, have together launched the HBL-UnionPay International Prepaid Card.
“In fact, any merchant in China who is equipped with a point-of-sale terminal will accept UnionPay. Furthermore, HBL-UnionPay pre-paid card holders will enjoy more than 1000 offers and specially curated experiences in more than 18 countries covering shopping, dining, entertainment and more.
“Launch of UnionPay’s prepaid card is a very important milestone in establishing more effective and secure cross border payment services to China and other countries,” said Ashoke SJB Rana, CEO of Himalayan Bank Ltd.
It is the first Bank in the country to introduce HBL Proprietary Credit Card, start international credit card issuance, acquiring business and ATM service. Moreover, it is the pioneer financial institution to start acquiring and issuing business of chip based EMV Compliant Plastic Cards in the country. At present, total customer base of HBL is above 400,000 individuals & institutions out of which more than 189,000 are availing card services.
David Lee, Chief Cooperation Officer of UnionPay International, said, “UnionPay is committed to bring secure, convenient and innovative solutions to partners, merchants and cardholders. The collaboration between UnionPay and HBL is a testament of the collaborative approach adopted by UnionPay to bring innovative products to meet market needs”.
Subsidary of China UnionPay, UnionPay International (UPI) focused on the growth and support of UnionPay’s global business.
HBL and UnionPay had entered into the partnership of acquiring UnionPay branded cards in September 2012. The launch of the HBL-UnionPay, International Pre-paid card is another step in the collaboration. As a special launch, HBL is offering all applicants “Free subscription for a limited time period.”
Established in 1993, HBL is a leading private sector commercial bank in Nepal. HBL stands ahead in meeting customer demands through its continuous effort of tying banking products with world class technology.
UnionPay Partnership with over 300 organizations worldwide has enabled card acceptance in over 140 countries and issuing in more than 30 countries. UnionPay International provides high quality, cost effective and secure cross-border payment services to the world’s largest cardholder base and ensures convenient local services to a growing number of global UnionPay cardholders and merchants.