Fiserv, Inc. (NASDAQ: FISV), a leading global provider of payments and financial services technology solutions, today announced the expansion of its relationship with UnionPay International, a wholly owned subsidiary of China UnionPay, one of the world’s largest payment networks.
The collaboration will allow UnionPay to grow on a global scale by facilitating the issuance of virtual and physical UnionPay cards across international markets. Additionally, UnionPay will leverage the footprint and global capabilities of Fiserv to enable more businesses outside of Mainland China to accept UnionPay cards.
“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,” said Li Xiaofeng, CEO of UnionPay International. “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. Going forward, UnionPay and Fiserv will deepen our cooperation in card issuance and global acceptance, and strengthen communication with major organizations that have been enabled on Fiserv platforms in order to facilitate business growth.”
To simplify how businesses and consumers conduct commerce, the two companies will:
Expand UnionPay Card Issuing Globally - To support its globalization strategy, UnionPay will leverage established and trusted Fiserv card issuing platforms in multiple markets. Working with a single provider across strategic markets will help UnionPay realize operational efficiencies, gain a unified view of their business, and give more consumers outside of Mainland China access to UnionPay virtual and physical cards.
Enable UnionPay Acceptance via Carat from Fiserv - 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 optimization 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.”
As both the largest issuer processer and merchant acquirer in the world, Fiserv offers a unique proposition. With a global footprint, 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.