The agreement is expected to support UnionPay’s ongoing international expansion and Wirecard’s expansion in China with Chinese businesses
Wirecard, a Germany-based financial services provider, and UnionPay, a Chinese financial services corporation, have signed a memorandum of understanding (MoU) to form a global strategic partnership.
UnionPay, an association for China’s banking card industry, has issued more than 7.59 billion cards under its brand, amounting to 57.6% of the world’s payment cards in circulation, according to the Nilson Report.
UnionPay International vice-president Larry Wang said: “Through our global strategic partnership with Wirecard, we plan to continue driving our international expansion forward.
“We are proud to have an experienced partner in digital financial technology and global payments by our side to provide an even wider range of innovative solutions for UnionPay customers. We look forward to launching our partnership with Wirecard.”
The MoU between Wirecard and UnionPay supports international business expansion
The agreement is expected to support UnionPay’s ongoing international expansion and Wirecard’s expansion in China with Chinese businesses.
The MoU signed between the German firm and UnionPay is aimed at expanding UnionPay as a digital payment method across all channels around the world.
In addition, the collaboration would launch various issuing projects, including corporate solutions such as payout products and Supplier and Commission Payments (SCP), and consumer-oriented products, as digital wallets for incoming tourists to China.
The initial stage of the collaboration would launch additional projects in Asia-Pacific, Europe and the US, where both Wirecard and UnionPay are already working together for many years.
Furthermore, the point of sale and issuing solutions would merge with the existing online payment business, and a consumer solution is being planned to take advantage of a large number of tourists visiting China for the upcoming 2022 Winter Olympics in Beijing.
Wirecard Group business development EVP Georg von Waldenfels said: “As the world’s largest card scheme in terms of card issuance, UnionPay will be one of our key alliances in Asia. We’re excited about the immense potential this partnership creates for both entities, and to deliver innovative solutions for current and future UnionPay cardholders globally.
“As a major tourist and business destination, China receives hundreds of millions of travelers every year, which means that the scope of our solutions will also address non-Chinese nationals and enable them to pay with UnionPay nationwide.”