BANK OF MALDIVES STARTS CHINA UNIONPAY CARD ACCEPTANCE SERVICES IN MALDIVES ENABLING MERCHANTS TO TAP INTO A LARGER MARKET

Bank of Maldives expands its card services through CUP Acceptance Male’,

March 4, 2010 – Bank of Maldives the largest card acquirer in Maldives is adding another coveted service for the benefit of tour operators, resorts and retail merchants. The Bank is launching the China UnionPay (CUP) card acceptance in the Maldives for the first time. With over 2000 POS terminals and 37 ATMs Bank of Maldives continues to expand its services and value addition to its customers. The alliance between Bank of Maldives and China UnionPay will allow Bank of Maldives merchants to access the only national payment network in China, with the largest card base in Asia Pacific with more than 2 billion cards issued in the region. China UnionPay Cards are accepted in 83 countries and regions, including Hong Kong, Macau, Singapore, Malaysia, Thailand, Japan, Korea, Germany, France, Philippines, Malaysia, Taiwan and Australia.

This partnership marks a milestone for the Bank of Maldives payment network. In addition to acceptance of Visa, MasterCard and American Express branded cards; the acceptance of CUP cards by Bank of Maldives POS terminals will further strengthen Bank of Maldives payments facilities, offering more choice of payment method to travellers. Through this payment convenience, hoteliers, travel agents, and related service providers can now tap into a large CUP Cardholder base many of whom travel to Maldives.
Bank of Maldives will work with local merchants and CUP to promote this facility to attract more visits by Chinese nationals as well as CUP Cardholders in the region to visit Maldives. This new service allows Maldivian merchants to capture the fast-growing market of Chinese tourists. This partnership between Bank of Maldives and China UnionPay, will contribute to the growth of the Chinese tourist market in the Maldives.