China UnionPay, China Development Bank and the central bank of Laos jointly announced Monday the launch of a Laotian national bank card payment system, with UnionPay providing support for payment system facility construction, operation and maintenance, according to a statement on UnionPay's website.

The project took one year and was completed a month earlier than scheduled, making it possible to network all bank cards issued in Laos, the statement said. It also mentioned this was a breakthrough showing that the development experience and technical standards of China's card industry have "gone global."

UnionPay's card business has grown rapidly in Laos, since the country, an important member along the "Belt and Road" initiative, has become an emerging target for increasing investment from China.

China is the country's major source of foreign tourists, according to the statement.

Data from UnionPay showed that UnionPay-branded cards are accepted by 80 percent of merchants and ATMs in Laos, and 600,000 UnionPay-branded cards have been issued, accounting for more than 70 percent of the national total. China UnionPay has become the largest bank card brand in Laos.

UnionPay cards have great advantages in the Laotian market and they've become a popular payment means among local residents, Sonexay Sithphaxay, deputy governor of the Laotian central bank, was quoted as saying in the statement.

Shi Wenchao, president of UnionPay, said that the company would join and invest more in the management and operation of the bank card business in Laos, taking this successful cooperation as the starting point, with the aim to deliver better service and promote economic and social development for both countries.

Global Times