Nov. 24, 2010 (China Knowledge) - China UnionPay, China's largest bank card organization, has formed an alliance with SIX Multipay, the largest bank card payment company in Switzerland, to further expand business in the Central European country, sources reported.

Holders of CUP cards will be able to use their cards at all automatic teller machines and major watch retailers in Switzerland. Pursuant to the sources, both parties will upgrade payment system and promote CUP card acceptance among Swiss merchants.

CUP and SIX Multipay inked an agreement last year to help the Chinese firm expand service channels in Switzerland. The Swiss company plans to increase the number of merchants that accept CUP cards to 10,000 by the end of 2012.

Reportedly, CUP is also in talks with Aduno S.A., the second-largest Swiss card payment company with 25,000 commercial clients, to launch CUP payment services in 2012.

CUP's international network now covers 92 countries and regions, including over 20 countries and regions in Europe.