Timor Leste BNCTL UPI Acquirer launching
Banco Nacional de Comercio de Timor-Leste (BNCTL) Bank is the largest national commercial bank in terms of network and services, owned by Government, extended it services throughout every district of the country. Its deliver channels such as agency, ATM and POS are almost available at each municipality and widely used. The Bank is currently undergo a massive transformation agenda including digitizing its services and varying its delivery including international transactions. We understand the importance of financial business and how important this tie-up with international payment gateway.
BNCTL is proud to announce its tie -up with UnionPay International (UPI), after more than a year of preparation involving UPI, SIBS Portugal, P24 of BCTL and a dedicated team of BNCTL. Initially BNCTL has been certified as an acquiring bank of UnionPay card. This allows any UnionPay cardholders can now transact at ATM and POS of BNCTL with UPI and P24 logo. UnionPay Cardholder customers can use their cards in Timor-Leste, the first bank in country have tie with UPI. Furthermore, UnionPay cardholders can do contactless transaction via POS which is convenient, fast and safer, due to the pandemic. It is a milestone for Timor-Leste and BNCTL in terms of delivering a renown international payment scheme into Timor-Leste contributing in making available the payment platform to its users, local and international visitors, promoting tourism into the country.
The immediate next steps is to develop on the existing UPI and P24 platform which will ultimately allow BNCTL to become an issuing bank of UnionPay card, and the bank may be issuing UnionPay credit and debit cards to its customers.
Currently around 50 merchants are using BNCTL POS, which includes hotel, restaurants, grocery shop, small and big merchants and more merchants are expecting to join. At the end of 2022, is expected 120 merchants will be installed with POS machines compatible and using P24 network and UPI and 70 ATMs will be readily available for use by customers or walking in customer to enjoy various services made available by UPI gateway through P24 network. Our target growth is 15% annually both for merchant and customers.
We have seamless dispute resolution system with UPI. For POS we are the first in Timor-Leste country to introduce Cancellation or Refund option, if agreed between UnionPay cardholder and merchant. BNCTL and UPI is keeping continuous watch on market for launching more new innovative products for Timor-Leste for better financial transaction experience for UnionPay cardholders.