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China's UnionPay Payment Network Launches Its First Card Issued in the U.S.

UnionPay, China's state-backed payments network, unveiled its first payment card to be issued directly to U.S. consumers Monday as it advances its global expansion plans.The UnionPay prepaid card will be sold online and in bank branches in major U.S. cities in the coming days, executives said during a presentation at the Plaza Hotel in New York.UnionPay and its partner, Bancorp Inc. (TBBK) of Wilmington, Del., are marketing the product primarily to Asian-American consumers as a card they can use to make purchases when traveling to China and other foreign countries where UnionPay is accepted by merchants. Customers will also be able to use it in the U.S.Transactions made in the U.S. with the card will be settled in U.S. dollars while those made in China will be settled in yuan. Those made in other countries will be settled in their local currency."This is the first UnionPay card issued in the United States targeted at local cardholders," Su Ning, chairman of China UnionPay Co., said thr...

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