RiverPay has announced plans to accelerate its merchant acquisition initiative with China UnionPay in North American retail industry.
The two companies entered into a partnership in January this year, following which, RiverPay has been expanding its payment portfolio by adding UnionPay QR code payments to all its merchants in the region.
Go deeper with GlobalData
According to the company, hundreds of new merchants have registered through RiverPay to accept UnionPay QR code payments in their stores. The move has increased Chinese customers at the stores. These customers can transact with their China-issued bank cards connected to the UnionPay mobile app.
RiverPay co-founder and CEO Ryan Zheng said: “The convenience of the mobile app, combined with UnionPay’s deep-rooted financial relationship with Chinese consumers, is helping make it a preferred payments option for visitors to North America.
“We have seen a significant uptick in demand by our merchant partners to enable payments through UnionPay mobile app platform and we are pleased to so see many taking advantage of the easy-to-install and quick-to-settle benefits RiverPay can bring to their retail operations.”
Since its launch in December 2017, UnionPay mobile app has crossed more than 150 million users.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataThe app enables the merchants to process payments made through Chinese bank cards. The collaboration with RiverPay helps the Chinese card users to shop from foreign merchants.
It enables customers to pay in Chinese currency, which is then converted into US dollar or other currencies when the amount is transferred into the merchant’s account.
Besides UnionPay, RiverPay serves as an authorised payment service provider of Alipay and WeChat Pay.
