Germany-based global provider of digital payments and commerce solutions Wirecard announced on Monday it has signed an MoU with UnionPay to form a global strategic partnership. According to Wirecard, the new partnership will support UnionPay’s ongoing international expansion and Wirecard’s growth in China and with Chinese businesses.
“The cooperation between Wirecard and UnionPay will focus on expanding the global acceptance of UnionPay as a digital payment method across all channels. In addition, the partnership will also launch a number of issuing projects, including corporate solutions such as payout products and SCP (Supplier and Commission Payments), and consumer-oriented products in the form of digital wallets for incoming tourists to China.”
Speaking about the partnership, Georg von Waldenfels, EVP Group Business Development at Wirecard, stated:
“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.”
Larry Wang, Vice President at UnionPay International, went on to add:
“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.”