VocaLink has announced a five-year deal with UnionPay in order to make its cardholders have ATM access in not only the U.K. but across Europe.
This deal is significant for VocaLink, an international payment systems provider, because of the sheer volume of cards UnionPay has. That number, which ranks it as one of the largest bank card issuers, is more than 5.4 billion. This deal will enable those cards to have ATM transaction processing capabilities but also give acquirers a more seamless path to market to enable these transactions.
“This is an excellent deal, which will ensure UnionPay cardholders can use ATMs in the U.K. and continental Europe. We are pleased to have won this deal with UnionPay International, and it serves to highlight our ability to deliver effective payment networks both in the U.K. and internationally. We have ambitious plans over the coming years as we look to further expand our payments systems into international markets," said Sara Parker, product director at VocaLink.
And, according to VocaLink's news release on the subject, UnionPay cash ATM withdrawals are worth five times more than an average transaction. For VocaLink, this deal comes after it has secured a number of other deals both domestically and internationally. This includes its recent ATM deal with LINK, which is the largest ATM processing partnership of its kind in the region. VocaLink is also working with The Clearing House on faster payments initiatives.
“This partnership represents a significant milestone in our goal to increase access to UnionPay cards internationally. We believe there is a strong strategic fit between UnionPay International and VocaLink, and we were impressed with VocaLink’s proven international track record as a transaction processor of cards, as well as their demonstrated speed to market," said Wei Zhihong, general manager of UnionPay International Europe.