Worldway Comprehensive News: On May 15, China UnionPay International signed a cooperation agreement with Unicre and SIBS in Lisbon, the capital of Portugal, to facilitate the use of UnionPay cards within Portugal, providing convenience for Chinese investors and tourists coming to Portugal for investment and travel.
Shen Wenchao, President of UnionPay International, stated at the signing ceremony that UnionPay International places great importance on the Portuguese market. Unicre is the largest credit card issuing and acquiring institution in Portugal, while SIBS is the only card transaction processing institution in Portugal. The collaboration between UnionPay and these two companies will provide better services for cardholders and contribute to the economic development of Portugal as well as investment, trade, and exchanges between China and Portugal.
President Shen expects that by the end of 2015, the coverage of UnionPay card merchants in Portugal will reach 80%, allowing not only department stores and airport duty-free shops to accept UnionPay cards, but also hotels, restaurants, and other daily consumption venues.
Luís Flores, CEO of Unicre, stated that accepting UnionPay cards in Portugal will provide Chinese investors and tourists with a more convenient and secure payment method, significantly increasing merchants' sales and promoting the economic development of Portugal.
According to statistics from the National Institute of Statistics of Portugal and the Bank of Portugal, approximately 113,000 Chinese tourists visited Portugal last year, spending around 54 million euros (approximately 61.5 million USD), an increase of 20 million euros (approximately 2.278 million USD) compared to the previous year. The increase in Chinese tourists has injected new vitality into Portugal's tourism industry.
Worldway immigration experts note that it is worth mentioning that Portugal's property investment immigration policy has brought considerable Chinese investment to the country. The highly regarded "Golden Residence Permit Program" has been extremely popular among Chinese investors since its implementation in 2012. According to statistics from the Portuguese Immigration and Borders Service (SEF), as of the end of April 2015, the "Golden Residence Permit Program" has brought a total of 1.44 billion euros in investment to Portugal, with a total of 2,378 investors approved, of which 1,909 are Chinese investors, accounting for over 80%. Investment from China has greatly stimulated Portugal's real estate and downstream industries, making a significant contribution to the recovery of the Portuguese economy.
