Allied Wallet and UnionPay International Make History with UnionPay Branded Prepaid Debit Card
LOS ANGELES–(BUSINESS WIRE)–Allied Wallet, a leading provider of online payment processing offering various payment solutions in 196 countries all over the world, announced its partnership with UnionPay International to issue a UnionPay branded prepaid card, the first ever partnership of this kind in Europe.
Allied Wallet is a world-renowned leader in payment services, and their powerful and highly flexible platform will now be able to issue UnionPay cards for corporate payouts.
With the largest global card base and percentage of global spend amongst all networks in the world, UnionPay is a payment card giant accepted in 162 countries and territories. Over 42 million merchants and 1.3 million ATM machines outside China alone accept their payment cards.
Each year Europe welcomes about 4-5 million Chinese visitors. With over six billion China UnionPay cards in circulation, there is a fast and growing market for issuing and accepting this trusted payment type.
Many companies in Europe and abroad utilize Allied Wallet’s system for payouts of wages, expenses, and commissions; and within twelve months of Allied Wallet’s launch in Q1 of 2018, Allied Wallet projects over one million cards will be issued for hundreds of its merchants.
Merchants gladly accept UnionPay cards as the only cross-border card payment method outside the currency controls for renminbi, the official system of currency introduced in China in 1948.
UnionPay cards feature less restrictive single transaction limits and no annual limits. With a six-digit online pin and required signature, the card is very secure.
“We’re very happy to make this historic partnership and begin issuing co-branded cards. We see an opportunity here to not only benefit Chinese payees who live and work in Europe, but also an opportunity to benefit all payees who need a reliable method of accessing their funds and transacting online. We’re happy to offer this opportunity by partnering with UnionPay International,” said Allied Wallet Founder and CEO – Dr. Andy Khawaja.
As one of the largest global card schemes, UnionPay claimed 41% of the $ 20.6 trillion share spent in 2016.
This new partnership with Allied Wallet is sure to increase UnionPay’s reach and allows both companies to offer the public a new and innovative way to spend their money, accept their money, and protect their money.