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February 8, 2022

UnionPay International turns to Fiserv to drive global expansion

UnionPay International has expanded its partnership with payments and financial services technology solutions firm Fiserv to grow its global presence.

Under the partnership, UnionPay will tap Fiserv’s card issuing platforms in multiple markets to issue its virtual and physical cards across various international markets.

Additionally, the firm will streamline cards acceptance for its enterprise customers through integration with Fiserv’s omnichannel commerce platform Carat.

It will also leverage Fiserv’s global capabilities and presence to ramp up the acceptance of its cards amongst businesses outside of mainland China.

UnionPay International CEO Li Xiaofeng said: “Cooperation with Fiserv is an important step for UnionPay International to innovate its business development model and build a global network and an international brand.

Xiaofeng noted that UnionPay has been using Fiserv technology to enhance its service capabilities for partners outside the Chinese mainland.

He added: “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.”

Fiserv focuses on offering payments technology as well as local payment capabilities in key geographies to help payment firms expand operations globally.

Fiserv Global Business Solutions head Suzan Kereere said: “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.”

In December last year, UnionPay forged alliance with payments acquirers VNPAY and ECPay to enhance its merchant payment network in Vietnam.

It followed the firm’s new market development agreement with Denmark-based payment service provider Nets to expand its contactless acceptance across Nets’ Nordic merchant portfolio.

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