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New bank cards allow Russians to withdraw cash in China
China has formed an alliance with its northern neighbor to expand its payment card in Russia.
China's UnionPay, the only domestic bank card organization, has signed an agreement with Russia's Orient Express Bank to issue payment cards in rubles and Chinese yuan.
The payment cards will allow Russian travelers to withdraw cash from ATMs across Heilongjiang province, China's northernmost province adjacent to Russia, and make payments on POS machines.
The move is designed to meet the surging demand for financial services as millions of Russian citizens cross the Chinese border each year.
China has become Russia's second largest overseas destination, and the dual-currency credit/debit card is expected to boost trade activities in Heilongjiang's 15 border cities.
It could also further push the globalization of the yuan as a transaction currency.
By issuing more UnionPay cards, the Russia bank attempts to shift away from US payment operators Visa and Mastercard.
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