Recognizing the growing importance of cross-border trade, Bank of The Bahamas Limited (“BOB”) has expanded its merchant services platform to capture global markets. The bank’s network now accepts China UnionPay Cards, the official cards of the domestic bankcard organization in the People’s Republic of China.

 As the bankcard association in China, UnionPay operates an inter-bank transaction settlement system through which cross-region and cross-border usages of bankcards issued by associate banks can be realized.

“For a long time Bahamians have enjoyed trade with China through retail businesses in China.  Now as a country, we are experiencing expanding Asian investment projects at home which have a direct impact on our local tourist product and other local industries.  It is important that our merchant clients are equipped to take advantage of additional economic opportunities”, said Leonardo Thompson, Manager, Merchant Services at the Bank. 

The UnionPay or CUP, as commonly abbreviated, is extremely attractive due to its acceptance in 150 countries and regions.  It is one of the largest payment networks by value of transactions processed.  In order to meet the growing demand for card use of the Chinese in overseas business, travel and study, UnionPay is dedicated to the construction of an international acceptance network.

It is through BOB’s  affiliate relationship with Discover that the bank’s merchant services clients currently in possession of all BOB merchant platforms; e-commerce, PC Software, POS Terminals and BOB Mobile Express, are equipped to accept and process UnionPay cards transactions.

BOB’s Merchant Services Department provides credit card processing, payroll solutions and other business support services to premier business establishments throughout the country.