The supervision and banks operation regulation, payment system oversight committee of the National Bank of Ukraine (NBU) on November 12 approved the conditions and the rules for operation of China's UnionPay International (UPI), the world's largest international payment system in terms of the issued cards, the NBU has reported on its website.

According to the report, at the first stage, the UnionPay International payment system will provide acquiring services in Ukraine, issuing cash and paying for goods and services using UnionPay payment cards. In the future, it is planned to issue UnionPay payment cards by Ukrainian banks.

The UnionPay International payment system has become the fourth international card payment system in Ukraine, the payment organization of which is a nonresident.

As reported, in July 2018 at meeting of the NBU Governor Yakiv Smolii and First Deputy NBU Governor Kateryna Rozhkova with China UnionPay President Shi Wenchao the regulatory rules for entering the Ukrainian market by the UnionPay International were discussed, as well as aspects of possible cooperation of the Chinese payment system with the Prostir national payment system.

UnionPay International was established in 2002 and it is a subsidiary of China UnionPay.