China, Nepal jointly launch intl UnionPay pre-paid card

KATHMANDU - China and Nepal on Tuesday jointly launched the US dollar-denominated International UnionPay pre-paid card, which can be accepted in over 140 countries.

Himalayan Bank Limited (HBL), a leading private commercial bank established in 1993 in Nepal, said it is the first time for the country to introduce such a pre-paid card for Nepalese citizens for international payments.

The bank has clinched strategic partner with UnionPay International (UPI), a subsidiary of China's national bankcard association UnionPay, which enjoys partnerships with over 300 organizations globally and has enabled card acceptance in over 140 countries with its card issued in more than 30 countries.

David Lee, chief cooperation officer of UnionPay International and Ashoke JB Rana, chief executive officer (CEO) of HBL, jointly launched the product with the presence of Chinese Ambassador to Nepal, Wu Chuntai, and some high-level government officials of Nepal.

According to the HBL officials, the HBL-UnionPay International pre-paid card is most useful for Nepalese who travel to China for purposes including business, education, sight-seeing and medical, among others. They said any merchant in China who is equipped with a point-of-sale terminal will accept UnionPay.

"UnionPay is committed to bring secure, convenient and innovative solutions to partners, merchants and cardholders," Lee said when addressing the launch, "The collaboration between UnionPay and HBL is a testament to the collaborative approach adopted by the UnionPay to bring innovative products to meet market needs."

Rana of HBL said the launch of UnionPay's pre-paid card is a very important milestone in establishing more effective and secure cross boarder payment services with China and other countries.

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