Global UnionPay Cards Now Support Weixin Pay and Alipay
UnionPay International (UPI) announced that Alipay and Weixin payments are fully enabled for UnionPay cards issued outside China’s mainland, providing more diversified, convenient and inclusive payment options for inbound travelers to China. The collaboration with Weixin Pay is supported through the Industrial and Commercial Bank of China (ICBC).
In order to further optimize payment services, UnionPay launched Project Excellence 2024 in March, joining hands with various industry stakeholders to build a convenient, inclusive, and accessible payment ecosystem. This collaboration is the latest achievement of the Project. From now on, international travelers to China can download Alipay or Wexin applications, link their local UnionPay cards, and enjoy the same convenience of QR payments as the Chinese users do.
Financial Technology Insights: Drive Innovation Forward Through the Lumen and Google Cloud Alliance
This innovative payment method will provide more convenience for inbound visitors to pay in China: No service fee will apply throughout the payment process as initial promotion, which enables users to make payments as if they were at home. Online and offline use cases are covered, including F&B, accommodation, transit, sightseeing, shopping and entertainment. The new method supports consumer-presented, merchant-presented, in-app payment and ETC, which removes the payment barriers for users who are travelling, working or living in China. The new enablement is easy to use, as cardholders only need to enter the UnionPay card information required, and complete the linking process once the card issuer performs the authentication.
This collaboration manifests UPI’s stepped-up efforts to work with other industry stakeholders to promote payment interoperability and develop a sustainable business model. It will help to further bridge the differences in payment preference between China and the rest of the world, facilitate the country’s high-standard opening up.
Financial Technology Insights: Ocrolus and LendSaaS Partner for AI-Powered MCA Origination
UnionPay’s international business has become increasingly localized in the past few years, and more and more consumers outside China are enjoying the convenient services brought by UnionPay. Over 250 million UnionPay cards have been issued in 83 countries and regions outside China’s mainland, which can be used for payments in 183 countries and regions. UnionPay has also launched SplendorPlus, a new card product tailored to international visitors to China. The themed card, which comes with diverse benefits and special merchant offers in China, has proven to be highly popular.
Financial Technology Insights: Flexa Expands Partnership with Sheetz for In-Store Crypto Payments
Source – PR Newswire
To share your insights with the FinTech Newsroom, please write to us at news@intentamplify.com
