Agreement enables direct processing on platforms in the U.S., Canada
ATLANTA, Aug 02, 2011 (BUSINESS WIRE) --
Elavon, a leading global payments provider and wholly-owned subsidiary
of U.S. Bancorp (NYSE: USB), and China UnionPay, the bankcard
association in China, have signed a binding agreement to enable
acceptance for UnionPay's debit and credit cards at Elavon's merchants
in the United States and Europe. The deal also extends credit card
acceptance to Elavon's Canadian merchants and will expand to include
Latin America in the future.
The agreement extends Elavon's end-to-end processing control, giving
merchants direct connectivity to UnionPay. It leverages Elavon's secure,
world class international processing platform to provide merchants with
the benefit of a single point of service for processing, funding,
settlement and reporting for all Visa(R), MasterCard(R), American Express(R),
Discover(R) Network and UnionPay transactions.
"We are pleased to cooperate with Elavon," said Mr. Ruode Xu, president
of UnionPay. "We believe that their vast merchant base and excellent
quality of service will help drive global acceptance of China UnionPay."
China is expected to overtake the U.S. as the largest market for credit
cards by 2020 with total cards expected to increase 11 percent a year as
transaction value climbs 14 percent annually, according to MasterCard.
UnionPay currently issues 2.6 billion cards worldwide.
Elavon's President and CEO, Mike Passilla, said, "Elavon is elated to
support the expansion of China UnionPay card acceptance while promoting
their international brand and supporting new opportunities to serve
Chinese travelers - one of the fastest growing segments of the tourism
About Elavon (www.elavon.com):
Elavon's Global Acquiring Solutions organization is a part of U.S.
Bancorp and provides end-to-end payment processing services to more than
1.2 million merchants in North America, Europe, Mexico and Brazil.
Solutions include credit and debit card processing, electronic check,
gift cards, dynamic currency conversion, multi-currency support and
cross-border acquiring and are marketed through multiple alliance
partner channels to meet the needs of merchants in markets including
small business, retail, hospitality/T&E, health care, education and the
About U.S. Bancorp (www.usbank.com):
U.S. Bancorp (NYSE: USB), with $321 billion in assets as of June 30,
2011, is the parent company of U.S. Bank, the fifth-largest commercial
bank in the United States. The company operates 3,086 banking offices in
25 states and 5,086 ATMs and provides a comprehensive line of banking,
brokerage, insurance, investment, mortgage, trust and payment services
products to consumers, businesses and institutions. U.S. Bancorp and its
employees are dedicated to improving the communities they serve, for
which the company earned the 2011 Spirit of America Award, the highest
honor bestowed on a company by United Way.
About China UnionPay (www.unionpay.com):
As the bankcard association in China, China UnionPay operates the
national inter-bank clearing and settlement system, develops the
worldwide UnionPay Card acceptance network, promotes the issuance and
usage of the UnionPay Card as well as other innovative payment
solutions, so as to provide quality, efficient and safe payment services
to cardholders. To date, the total number of the UnionPay Card issued
both at home and abroad has been 2.6 billion. The UnionPay network has
been extended to all the cities and rural areas in China. In addition,
China UnionPay has enabled the UnionPay Card acceptance over 110
countries and regions through extensive cooperation with about 400
financial institutions around the world.
Elavon Media Relations
Holly Lytle, 404-606-0129
U.S. Bank Media Relations