Cai Jianbo (right), the CEO of UnionPay International, chats with Jeff Guthrie (centre), Moneris Solutions Corp's chief sales and relationship officer, at a Toronto ceremony on April 20 to celebrate the recent signings of Moneris merchants who can now offer UnionPay card acceptance to UnionPay cardholders in Canada. [Photo by LI NA / CHINA DAILY]

When Cai Jianbo, CEO of UnionPay International, purchased a shirt using his UnionPay card at Moneris' merchant Brooks Brothers, he made the first UnionPay transaction at the Toronto flagship store.

Moneris Solutions Corp, a provider of payment processing services, celebrated the transaction Monday with UnionPay, the world's largest cardholder group, based in China.

"UnionPay International is a very important Moneris partner," said Jeff Guthrie, Moneris' chief sales and relationship officer.

UnionPay card acceptance is seen as helping Moneris merchants address the needs of the increasing number of Chinese visitors to Canada each year. More than 500,000 Chinese visited the country on tours, family visits or business trips last year. China has become the largest source of foreign students studying in Canada, with around 100,000 Chinese students in the country.

Since the end of last year, Moneris has enabled UnionPay card acceptance at thousands of stores in Toronto, Vancouver, Montreal and other major Canadian cities, covering mainly retail, tourism, entertainment and other industries supported by Chinese tourists and local residents.

"We are working closely with UnionPay to expand the number of Canadian locations within our merchant base that can accept UnionPay cards, to help these businesses differentiate their services, while providing tourists and visitors from China with a familiar and convenient payment method," Guthrie said.

As overseas UnionPay card acceptance expands, it has become the preferred payment service provider for Chinese outbound tourists, the company said. UnionPay cards have been issued in more than 40 countries and regions.

"The partnership with Moneris is of great significance for UnionPay International to accelerate its business expansion in the Canadian market," Cai said at the ceremony. "We will accelerate the construction of the global UnionPay acceptance network and proactively make innovations in payment products and channels to provide cardholders with more convenient and efficient services and card-using experiences."

UnionPay also will work eventually with TD and Global Payment to offer cross-border payment for Chinese visitors and overseas students.

"Based on building our acceptance network, our goal is to develop to be an international brand, and UnionPay card can be among the most popular pay options for people in North America." Cai told China Daily.

Currently, UnionPay cards can be used to withdraw cash in 85 percent of ATMs and make purchases at nearly 20,000 merchants in Canada, including airport duty-free shops in Vancouver and Toronto as well as jewelry stores, gift shops, souvenir shops, local specialty shops and other places frequently visited by tourists.

In addition, UnionPay cards also are accepted in chain department stores, including Holt Renfrew and Harry Rosen, and at 80 percent of high-end brand stores at shopping districts in downtown Vancouver.