Hungary's OTP Bank and China's bank card organization, China Union Pay, signed an agreement on ATM access on Friday.
The agreement will enable Chinese bank card holders to withdraw cash at OTP's automated teller machines and make purchases at shops equipped with OTP's point of sale (POS) connections.
The accord was signed by Sandor Csanyi, president and CEO of OTP Bank, the largest bank in Hungary, and Chai Hongfeng, deputy president of China Union Pay, issuer of 2.3 billion bank cards accepted in 92 countries and regions.
It was estimated that before the second quarter of 2011, bank cards issued by China Union Pay will be able to withdraw cash from some 1,800 OTP-operated ATMs in Hungary.x Purchases at 15,000 stores equipped with OTP's POS connections will gradually become possible and will include the entire network by the end of next year.
An auxiliary agreement was also signed between China Union Pay and E-Group CUP Gateway, the company responsible for the physical connection between OTP and the IT systems used by the Chinese bank card issuer.
China, the biggest developing country, and Hungary have significantly expanded economic ties in recent years, and nearly doubled bilateral trade from 2003 to 2010, while Chinese foreign direct investment (FDI) in Hungary has increased by 120 percent during the period.
Hungary has also become an increasingly popular destination for Chinese tourists. Last year some 40,000 Chinese visited Hungary, increasing 20 percent year on year.
