Today, UnionPay International and China Merchants Bank announced the Bank’s launch of signature acceptance service for UnionPay credit cards overseas (with card number starting with 62 and with UnionPay logo on card face). UnionPay cards which support signature acceptance provide cardholders many payment options featuring more convenient and efficient service whereby cardholders may either make PIN-based payments in 141 overseas countries and regions covered by UnionPay network or conduct transactions based on signature verification (without entering PIN) in the US, Korea, Hungary, Iceland and other countries and regions that have launched the service.
Signature verification is a common practice in accepting international credit cards. Cardholders make fast payment only by signing on the receipt and going through simple identity verification without inputting PIN for UnionPay credit cards at merchants which have enabled signature-based acceptance. Signature acceptance service is available overseas for all UnionPay credit cards that are without PIN by default issued by domestic banks; and also for UnionPay credit cards that are with transaction PIN so long as the service is supported by the issuing bank.
China Merchants Bank is a new participant in the program “signature-based acceptance for PIN credit cards”, where major commercial banks have come on board, including ICBC, ABC, Bank of China, CCB, Bank of Communications, China Citic Bank, CEB, CMBC, China Guangfa Bank, Industrial Bank of China, SPDB, Bank of Shanghai, Bank of Beijing and Ping An Bank. Cardholders of ICBC need to apply for the signature payment function beforehand for their UnionPay credit cards.
The signature-based acceptance service for UnionPay credit cards, since its launch overseas, has not only better catered to varied requirements of UnionPay cardholders who are accustomed to different acceptance procedures but also rapidly expanded the merchant coverage of UnionPay cards overseas. At present, the UnionPay card signature transactions have been accepted by all PIN-exempted merchants in Korea and Iceland and half PIN-exempted merchants in the US in addition to the existing PIN merchants. At the same time, UnionPay International together with other relevant parties at home and abroad has taken a variety of measures to effectively safeguard the transaction security in compliance with international rules. These measures include risk monitoring, early warning for unusual transactions, transaction control, transaction SMS notice from issuing bank, etc.
UnionPay overseas acceptance network has basically covered such overseas destinations as frequently visited by the Chinese for travelling, business, study and many other purposes. It is suggested that cardholders use more UnionPay cards and less cash when travelling abroad, enjoying various exclusive privileges of UnionPay cards and exempted currency conversion fees.