SHANGHAI, November 13, 2023 /PRNewswire/ — At the venue of the Sixth China International Import Expo (CIIE) at the National Convention and Exhibition Center (Shanghai), the commercial card solution provided by UnionPay International (UPI) attracts the attention of several exhibitors in the Central Asia. “This product helps companies manage their employees’ travel expenses and is suitable for payment requests from cross-border trade professionals. We have received several requests from customers these days,” explains a UPI employee.
UPI has stepped up its efforts to improve its capabilities to facilitate payments made by visitors to China. Out China On the mainland, more than 200 million UnionPay cards have been issued and 180 UnionPay standard wallets have been launched, providing exhibitors with more convenient payment options. A variety of flagship products also appeared at CIIE, such as commercial cards, integrated B2B solutions and Shop the World platform, which meet various payment needs in cross-border trade. In collaboration with the Bank of China (BOC), the official strategic partner of the event, UPI has rolled out a host of offers, cashbacks and exclusive privileges.
Diversified payment options in China for international exhibitors
At the stand of Serbia, one of the guest countries of honor at the National Exhibition, 24 companies made a collective appearance, a record number of Serbian exhibitors at the event, as media reports suggest. In line with the deepening of economic and trade cooperation between China and in Serbia, the Balkan country’s national payment system, DinaCard, issued UnionPay cards for the first time in 2022, attracting a large number of card applications from Serbian residents, and more than 400,000 cards have been issued in just over a year.
The card issuance project in Serbia is a preview of UPI’s efforts to accelerate business localization and improve the cross-border payment experience for outsiders. China the continent, especially when they visit China. To this end, UPI has actively contributed to improving the payment service system for visitors of China, which involves card payments for large-value transactions, QR payments for small purchases, and cash payments as a backup method. Currently, UnionPay cards have been issued in 78 countries and regions outside China on the continent, and more than 170 million cards have been issued in countries and regions participating in the Belt and Road Initiative. One in four new cards issued in the Asia Pacific The region is branded as UnionPay. At CIIE, UPI signed a large-scale card issuance agreement with an Australian financial institution. These cards can be used on a cross-border basis and are accepted by 25 million merchants and at 880,000 ATMs in China continent. In Shanghai, for example, cards can be carried out at point-of-sale terminals in commercial locations frequented by international visitors, such as shopping areas, cultural and tourist sites, airports and railway stations. Major traders cover transportation hubs including Hongqiao International Airport, Pudong International Airport, Hongqiao Railway Station and Shanghai Railway Station.
As consumer payment habits evolve, UnionPay-powered wallets have increasingly become the payment method of choice for a growing number of international exhibitors wishing to pay in China continent. In recent years, UPI has intensified its digital wallet collaboration with international card issuers and payment companies. This allows apps outside of mainland China to make QR payments to global UnionPay QR merchants, including those on the mainland, by linking local UnionPay cards or issuing UnionPay virtual cards. More than a hundred of these wallets have been deployed in 35 countries and regions outside China continent, including well-known applications such as Malaysia GoPayz, K PLUS by that of Thailand Kasikornbank and South Korea NaverPay. Users of these wallets can make seamless QR payments in China continent without additional applications.
Many benefits and offers to spend China
UPI signed a memorandum of cooperation to support the Sixth China International Import Expo with the Shanghai Branch of BOC, official strategic partner of the CIIE. Chinese lender issued millions of UnionPay cards abroad China continent. Its banking applications in markets such as Hong Kong and the Macau SARs, Japan, South East AsiaAnd Australia all support UnionPay QR payment. These products have become familiar cross-border payment tools for exhibitors coming to the continent. During CIIE, exhibitors can enjoy exclusive cash discounts when using UnionPay credit cards issued by BOC (Hong Kong), BOC Macau Branch and BOC Singapore Branch, and BOC Greater Bay Area Youth Card holders can enjoy an additional cash back of up to 6%.
UnionPay also offers multiple benefits and offers to international exhibitors. Visa centers in cities such as Sydney And Melbourne of Australia, Jakarta of Indonesia, Tokyo of Japan And Seoul of South Korea have launched expedited visa services for UnionPay cardholders. In particular, international cardholders using UnionPay cards or UnionPay standard wallets can enjoy 30 CNY reduction for expenses of 200 CNY or more at New World City Plaza, Jiu Guang Department Store, Bicester Village Shanghai and other shopping malls located in well-known shopping districts. Oriental Pearl Tower, Lianhua Supermarket, McDonald’s and other merchants in the culture, tourism, grocery and catering sectors also announced 20 yuan discount for every completed purchase 50 CNY exclusively for these cardholders.
Innovative products for cross-border trade
While enhancing the inbound payment experience of overseas exhibitors, UPI also launched innovative payment products and solutions in line with its network, product and service strengths to meet diversified payment needs in cross-border trade . Such offering has attracted the attention of cross-border e-commerce retailers, import and export companies and multinational companies inside and outside the country. China continent.
Since the opening of the CIIE, UPI’s integrated B2B solution has attracted numerous inquiries from exhibitors thanks to its “end-to-end” functionality. Various product offerings such as cross-border e-commerce solutions, digital card issuance systems for commercial cards, and innovative payment solutions for foreign businesses can meet the cross-border payment needs of businesses and facilitate the digital transformation of trade. Among them, UnionPay business products, including business cards, corporate cards and procurement cards, have reached the level of one million issuances in more than ten countries and regions, such as South East Asia, Europe And Africa.
The Shop the World platform developed by UPI empowers international merchants to enter the Chinese market. A seller from Southeast Asia expressed interest in accessing the platform there: “UnionPay’s Shop the World is a good channel. UnionPay card has a large customer base in Chinaand thanks to this platform, we can offer our products to more Chinese consumers. » Additionally, to reduce operating costs for non-Chinese merchants, UPI offers storefront management services as well as various marketing tools to help merchants attract more customers.
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SOURCE UnionPay International
