MiFinity, a global payments provider, today announced the launch of a new consumer focused cross-border money transfer service to UnionPay card holders in mainland China.
This service allows consumers to send money from the UK and Europe back into mainland China via the UnionPay network. With over 7 billion cards issued accumulatively, UnionPay is the market leader in China.
Here are some of the key benefits for consumers:
• Very competitive fees starting as low as $1.90
• Domestic cardholders receive remittance in RMB
• Settlement is either real time or within 12 hours (depending on timing of transaction)
• Leverages UnionPay MoneyExpress network
• Highly secure, convenient & efficient remittance solution
• Domestic Cardholder does not need to do anything to receive the funds
“Our goal is to be a market leader in online payments. This partnership with UnionPay enables MiFinity to service consumers, in the money remittance space. This will enhance the current MiFinity payment portfolio and help it move closer towards the overall goal of becoming a true ‘omni channel payment provider’ said Michael McDevitt, Chief Product Officer, MiFinity.
“We are very excited about this launch and would like to thank UnionPay in supporting us in moving into the consumer to consumer (C2C) space. We have additional complementary products that will launch over the coming months and we look forward to building upon our close relationship with UnionPay. “said Kieron Nolan, Chief Financial Officer, MiFinity.