Fiserv is expanding its partnership with UnionPay International to help the wholly owned subsidiary of China UnionPay grow on a global scale by facilitating the issuance of virtual and physical UnionPay cards across international markets.
Also, UnionPay will leverage the footprint and global capabilities of United States-based Fiserv to enable more businesses outside of Mainland China to accept UnionPay cards.
“With Fiserv technology, UnionPay has improved its service capabilities for partners outside the Chinese mainland, which will help to further optimize online and in-store acceptance, accelerate business localization, and improve planning for businesses around the world,” said Li Xiaofeng, CEO of UnionPay International.
“Going forward, UnionPay and Fiserv will deepen our cooperation in card issuance and global acceptance, and strengthen communication with major organisations that have been enabled on Fiserv platforms in order to facilitate business growth,” said Li.
To simplify how businesses and consumers conduct commerce, UnionPay will leverage established and trusted Fiserv card issuing platforms in multiple markets. Working with a single provider across strategic markets will help UnionPay realise operational efficiencies, gain a unified view of their business, and give more consumers outside of Mainland China access to UnionPay virtual and physical cards.
Also, an integration with the Carat omnichannel commerce platform from Fiserv will streamline acceptance of UnionPay Cards by enterprise businesses worldwide. These businesses will be able to accept UnionPay cards for online purchases, facilitating global commerce.
Through a simple API, businesses using Carat can support settlement of UnionPay transactions, consolidate global reporting and reconciliation within a single merchant account, and deliver cost efficiencies via payments optimisation and chargeback management.
“Commerce is global, and payment choice regardless of location or geography is pivotal for a positive customer experience,” said Suzan Kereere, head of global business solutions at Fiserv.
“Our expanded relationship with UnionPay will allow more of our merchant clients to accept UnionPay Cards across their global footprint, broadening choice in how their consumers pay for goods, simplifying payments acceptance, and accelerating growth,” said Kereere.
As both the largest issuer processor and merchant acquirer in the world, Fiserv allows businesses like UnionPay to expand quickly and scale, leveraging innovation-focused global payments technology combined with local payment capabilities and expertise across key geographies.
