UnionPay International (UPI), a subsidiary of China UnionPay, will enter the Ukrainian market, Ukrainian central bank said in a statement on Tuesday.

The National Bank of Ukraine (NBU) has already defined the conditions and procedures for UPI activities in Ukraine, the statement said.

According to the NBU, at the first stage, UPI will provide Ukrainian customers with such services as acquiring, cash withdrawals and payment for commodities and services using bank cards.

Yakiv Smoliy, the governor of the NBU, said the presence of the UnionPay in the Ukrainian market will facilitate trade and financial operations between China and Ukraine.

Established in 2002, China UnionPay is a financial services corporation based in Shanghai.

In 2017, the total number of UnionPay cardholders outside China had reached 90 million. UnionPay cards are accepted in 170 countries and regions.