China Union Pay (CUP) signed an agreement with Turkey's Garanti Bank on Monday in Turkey's largest city Istanbul to issue credit cards for over one billion consumers in China.

Garanti Bank Payment Systems' Chief Executive Officer Mehmet Sezgin said, "Tourists and businessmen visiting China will be able to utilize their Bonus Business, Bonus Personal and Garanti Paracard credit cards conveniently thanks to the new agreement between Garanti and CUP."

On the other hand, Chinese tourists and businessmen visiting Turkey will be able to use their credit cards at all Garanti ATMs, which have special menus in Chinese.

He said the Garanti Bank is planning enable the cards to make money transfer between Turkey and China and he hoped to promote the commercial cooperation between Turkey and China.

With a total of 190 banks as its members, the CUP serves 1.1 billion card users in China as the country's only payment institution.

According to an agreement the two sides signed last year, Chinese tourists can withdraw cash from Garanti Bank's ATMs with Chinese instructions and make transactions with the POS terminals for the first and only time in Turkey.

Source: Xinhua