China UnionPay, the largest bank card issuing institution in China, has signed a cooperation agreement with Swiss financial company Telekurs Multipay on bringing China UnionPay's bank card to Switzerland.

According to their agreement, starting August 2006, Telekurs Multipay will enable cash withdrawal equipment targeted at Chinese bank cards so that China UnionPay's cards can be used to withdraw cash from the ATMs and used for consumption at shops, inns and hotels in Switzerland.

With the rapid development of China's economy, more Chinese citizens are beginning to go abroad for travel. In 2005, there were as many as 1.2 million Chinese visiting Europe, of which about 100,000 went to Switzerland.

The World Travel Organization estimates that Chinese outbound tourists to Europe will increase at an annual rate of 30% in the coming years.