Thai Payment Network, Thailand’s local switching network based on UnionPay International’s technical standards, has gone live with four of the country’s banks participating in it. Earlier, UnionPay IC card standard became Thailand’s banking industry standard. Through the incorporation of a joint venture, UnionPay now offers the technical standard for building the bankcard switching system. China UnionPay chairman Ge Huayong, UnionPay International CEO Cai Jianbo and TPN chairman Shoke Na Ranong attended the launching ceremony. The central bank of Thailand stipulated that all local interbank transactions made with local debit cards must be processed locally. Thereafter, Thai Payment Network came into being and the country also planned to create an independent debit card brand TPN and issue UnionPay TPN cards, which will be conveniently used at the global UnionPay network. TPN is one of UnionPay’s successful attempts in exploring new ways of expansion in overseas markets by exporting its technical standard, taking advantage of its technology capability.
