Borderless payment experience for UnionPay global cardholders
UnionPay International (UPI) has announced exciting news on September 18th. They've made it possible for 170 international wallets to be used directly at stores in China that accept UnionPay. This means that people from around the world can now enjoy a seamless payment experience when shopping in mainland China, thanks to the efforts to expand its cross-border services.
In this article, we will explore the progress taken by UnionPay International to transform the offline payment experience for international users. Additionally, we will highlight UnionPay prepaid cards that enhance the convenience of online shopping.
UnionPay, a global leader in payment solutions
With its acceptance network spanning 181 countries and regions, UnionPay stands as a global front runner in the international card organization. In response to the evolving economic landscape, UnionPay International has not only facilitated the financial journeys of residents abroad but has also extended its services to cater to the needs of international visitors entering various markets.
Over 200 million UnionPay cards issued in 78 countries and regions, along with 170 standardized UnionPay wallets in 30-plus countries and regions, allowing cardholders to enjoy seamless payments in both their everyday local transactions and cross-border adventures.
What's new with UnionPay international?
UnionPay supports diverse local payment habits
With the varied payment habits across different markets, UnionPay has collaborated extensively with global financial institutions.
In the Asia-Pacific region, one in every four newly issued bank cards bears the UnionPay brand. The scale of UnionPay card issuance in regions like China's Hong Kong and Macau, South Korea, the Philippines, and Thailand has exceeded millions.
Moreover, in countries like the UAE, Kenya, the Philippines, and Kazakhstan, UnionPay cards have even become the first choice for locals' salary, student, and citizen cards, seamlessly integrating into their daily lives.
People from other countries can use these cards to pay at stores and ATMs in China. Tourists from places like Hong Kong, Macau, and Singapore can also link their local UnionPay cards to their phones and use HUAWEI Pay or Apple Pay to make payments on public transportation, in restaurants, and at department stores in China.
Unionpay offers innovative offline mobile payment solutions
Based on the success of QR code payments within China, UnionPay has introduced an innovative solution tailored for international banks and payment enterprises. This solution allows foreign wallets to connect with UnionPay cards or issue virtual UnionPay cards within their apps, enabling them to be used in the UnionPay global network.
It has been well-received by users and partners abroad. Currently, there are hundreds of wallets available for UnionPay QR code payments abroad, including familiar options for residents of Hong Kong and Macau like Octopus, as well as leading foreign wallets such as Malaysia's GoPayz, Thailand's Kasikornbank K PLUS, and South Korea's NaverPay.
Here are the five major advantages:
(1)Seamless payment experience
International tourists can directly use their familiar local wallets for payment without the need to open a new account or download domestic apps.
(2)Consistent fee rates with domestic bank card usage
The plan offers the same consumption rates as using bank cards domestically, with no additional fees.
(3)Wide application scenarios
It supports contactless, QR code, and online payments, allowing all payment scenarios to be covered with just one mobile device.
(4)Enhanced privacy protection
Users only need to complete identity verification with local institutions, eliminating the need to provide sensitive personal information to third-party platforms.
(5)Strict Adherence to the "Four-Party Model" by UnionPay
UnionPay collaborates with issuing institutions, acquiring institutions, wallets, and other stakeholders, adhering to internationally recognized business rules and technical standards. It also has robust error handling and risk management mechanisms, enabling better customer risk identification for safer cross-border transactions.
UnionPay prepaid cards offer convenient online payment experience
In addition to the innovative mobile payment solution described above, Silkpay offers UnionPay prepaid cards, helping people do online shopping by using UnionPay prepaid cards. Users can easily top up their UnionPay prepaid cards by credit/debit card top-up or bank transfer top-up. They provide a secure and efficient way for individuals to make online purchases, which are widely accepted by online retailers around the world. Whether you're shopping on popular platforms or exploring niche online stores, the UnionPay logo guarantees a smooth checkout process.
After that, users can easily manage their UnionPay prepaid cards, check balances, and view transaction history through a mobile app or website. So they can have full control over their spending. With these prepaid cards, customers can perfectly fulfill the online shopping process, enjoy secure transactions, and manage their accounts effortlessly.
In conclusion
UnionPay International has been working hard to make payments in China a breeze for people from all around the world. They've done this by offering a bunch of cool features like lots of different ways to pay, teaming up with foreign wallet apps, and creating new ways to transfer money. This means that whether you're a tourist or a local, you've got plenty of easy ways to pay for things. Plus, these efforts are also making UnionPay even more famous worldwide as a famous payment company. So, no matter where you're from, paying in China has never been smoother!
Moreover, to enhance the convenience of online payment experiences, Silkpay offers UnionPay prepaid cards for users worldwide. With Silkpay's UnionPay prepaid cards, individuals can seamlessly shop online, enjoying the convenience and security. These prepaid cards are widely accepted by online retailers, ensuring a convenient checkout process on popular platforms and e-commerce stores. Users can easily top up their UnionPay prepaid cards through various methods, including credit/debit card top-ups and bank transfers, giving them full control over their online spending. With Silkpay's solution, customers can enjoy their online shopping journey with confidence, experiencing secure transactions and effortless account management.
Resources
https://www.mpaypass.com.cn/news/202309/20111050.html
https://m.unionpayintl.com/wap/en/mediaCenter/newsCenter/companyNews/3015411.shtml
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About the author: Silkpay
Based in Paris, Silkpay provides omnichannel and secure payment solutions to help physical stores and e-commerce in Europe accept more than 30 of the world's most popular payment methods: Visa, Mastercard, CB, UnionPay, Alipay+, WeChat Pay as well as Asia-Pacific’s major e-wallets.
Silkpay is a winner of the LVMH Innovation Award. The company was also selected as a finalist for the "Money 20/20" Best Startup and in the "MPE Berlin” Startup Awards. Silkpay also won the "Best Fintech" awards from Capgemini and BPCE.
Silkpay helps merchants deliver the smoothest payment experience to their customers. We are a talented and international team driven by a single goal: to improve the customer experience and make payments simple and secure.